Patersons Research note, page-52

Believe it or not, "news" isn't the primary driver of a share price.

Other than ranting on about "manipulation", my least favourite thing on this forum is the reliance on "news".

Good news announcements are often priced-in before they are announced - whether by an educated investor taking a risk or by speculation. There is no guarantee that "news" will do you any good as a long investor or trader.

I accept that sometimes large sellers will use "good news" as an opportunity to make use of high volumes to sell down - but that is aside from my main point that if you're investing solely on the premise of "good news" then you're in the wrong game.

Peace.