You pretty much nailed the delta function comments. Each new ATC is a delta, but when you integrate across all, you get a smooth progressive ramp. As for Earnings, I doubt that they will give guidance (but again, Fred has surprised me in the past as to how much info they give). I actually hope analysts stay behind the curve as this is where playing the calendar call around each of those catalysts can really pay off. I am holding my core position until the NSCLC data is released and probably thru 12-18 months of earnings thereafter. Will need to watch SP vs my target intrinsic value, but doubt the SP will catch up over the next 2-3 years.
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