Normally this lack of control and earnings visibility would lead to a discount on valuation.

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For authors and publishers, the agency model provides them with greater control over the timing of their promotions and higher per-unit earnings of 70% of the list price as opposed to 50% for the conventional wholesale pricing model.

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Could anyone imagine what would happen to the earnings of these companies should any of these threats gets out of control?

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Yesterday, Pfizer and Schering-Plough both released earnings that exceeded the expectations of Wall Street analysts, but company control of costs had a great deal to do with these companies' strong performance.

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