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Going higher, of course, might erase estimated profits.
Ciena, for example, is trading at 293 times estimated profits for this year.
Analysts had estimated profits of 5 cents a share, according to Thomson First Call.
In April, the company estimated profits would be 8 cents to 9 cents a share.
The responsibility of the Regional Offices is merely to identify for the Treasury Department those cases in which estimated profits will arise.
Determinations as to the meaning of the term estimated profits and as to the percentage of the cost of a certified facility which will be recovered over such period shall be made by the Secretary of the Treasury, or his delegate: Provided, That in no event shall estimated profits be deemed to arise from the use or reuse by the applicant of recovered waste.
Tesco, Britain's biggest retailer, stunned the market last year when it revealed that it had overstated estimated profits by £263m by overestimating revenues paid to it by suppliers.
If a facility recovers marketable wastes, estimated profits on which are not sufficient to recover the entire cost of the facility, the amortization basis of the facility will be reduced in accordance with Treasury Department regulations.
Jim Auden, who helps direct research and analysis of the industry at Fitch Ratings, a Chicago concern that tracks the financial strength of companies, estimated profits at $60 billion.
Amgen trades at 29 times 2003 estimated profits of $1.64.
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Still, the index is up 7.2 percent this year amid government stimulus measures and higher-than-estimated profits.
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