U.S. patent application number 11/093968 was filed with the patent office on 2005-11-03 for method and system for providing guidance data.
Invention is credited to Burton, Jonas Day, Larnard, Eric A., Lavoie, Andre.
Application Number | 20050246259 11/093968 |
Document ID | / |
Family ID | 35188272 |
Filed Date | 2005-11-03 |
United States Patent
Application |
20050246259 |
Kind Code |
A1 |
Lavoie, Andre ; et
al. |
November 3, 2005 |
Method and system for providing guidance data
Abstract
Described herein is a system and method for providing entity
investment guidance via a communication network. The system
includes a server, at least one entity-issued disclosure received
by the server via the communication network and a storage
accessible by the server. The storage includes at least one
forecast data extracted from the at least one entity disclosure,
said forecast data indicative of a projection of an entity
performance parameter, and a context file for each of the forecast
data, the context file including at least a portion of the entity
disclosure associated with the forecast data. Also included in the
system is a user interface in communication with the server,
wherein the server generates an investment guidance display of the
forecast data and the context file and transmits the display to the
user interface via the communication network.
Inventors: |
Lavoie, Andre; (Boston,
MA) ; Burton, Jonas Day; (Somerville, MA) ;
Larnard, Eric A.; (Scituate, MA) |
Correspondence
Address: |
ST. ONGE STEWARD JOHNSTON & REENS, LLC
986 BEDFORD STREET
STAMFORD
CT
06905-5619
US
|
Family ID: |
35188272 |
Appl. No.: |
11/093968 |
Filed: |
March 30, 2005 |
Related U.S. Patent Documents
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Application
Number |
Filing Date |
Patent Number |
|
|
60557667 |
Mar 30, 2004 |
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Current U.S.
Class: |
705/35 |
Current CPC
Class: |
G06Q 40/00 20130101;
G06Q 30/0202 20130101; G06Q 40/06 20130101 |
Class at
Publication: |
705/035 |
International
Class: |
G06F 017/60 |
Claims
What is claimed is:
1. A system for providing entity investment guidance via a
communication network, said system comprising: a server; at least
one entity-issued entity disclosure received by the server via the
communication network; a storage accessible by the server, said
storage including: at least one forecast data extracted from the at
least one entity disclosure, said forecast data indicative of a
projection of an entity performance parameter, and a context file
for each of the forecast data, the context file including at least
a portion of the entity disclosure associated with the forecast
data; and a user interface in communication with the server,
wherein the server generates an investment guidance display of the
forecast data and the context file and transmits the display to the
user interface via the communication network.
2. The system according to claim 1, wherein the forecast data is
partitioned in the storage based on a time period of the entity
disclosure.
3. The system according to claim 2, wherein the time period is
selected from a group consisting of a quarter and a fiscal
year.
4. The system according to claim 2, further comprising: a first
selectable characteristic displayed on said user interface and in
communication with said server, said first selectable
characteristic for defining at least one of the time periods for
which to display the forecast data and the context files.
5. The system according to claim 2 wherein the investment guidance
display illustrates the following: an initial set of the forecast
data from a first portion of at least one of the time periods,
which is presented in a first manner on the display, a revised set
of the forecast data from a second portion of at least one of the
time periods, which is presented in a second manner on the display,
a variance of the forecast data over each of the at least one of
the time periods, which is presented in a third manner on the
display, and the context file, which is presented in a fourth
manner on the display.
6. The system according to claim 1, wherein the investment guidance
display is transmitted to the user interface via email.
7. The system according to claim 4, further comprising: a second
selectable characteristic displayed on said user interface and in
communication with said server, said second selectable
characteristic for selecting user preferences and defining a
frequency for which to transmit the display to the user
interface.
8. The system according to claim 6, wherein the investment guidance
display is transmitted after each of the at least one entity
disclosures is transmitted to the server.
9. The system according to claim 6, wherein the investment guidance
display is transmitted at least once per day.
10. The system according to claim 1, wherein the entity disclosure
is a press release.
11. The system according to claim 1, wherein the entity disclosure
is a conference call.
12. The system according to claim 1, wherein the entity disclosure
is an SEC filing.
13. The system according to claim 1, wherein the entity performance
parameter is an eamings-per-share.
14. The system according to claim 1, wherein the entity performance
parameter is a revenue.
15. The system according to claim 1, wherein the entity performance
parameter is an income.
16. A system for providing entity investment guidance via a
communication network, said system comprising: a server; at least
one entity-issued entity disclosure received by the server via the
communication network; a storage accessible by the server, said
storage including: at least one forecast data extracted from the at
least one entity disclosure, said forecast data indicative of a
projection of an entity performance parameter, at least one actual
data extracted from the at least one entity disclosure, said actual
data indicative of an actual entity performance parameter, and an
entity forecast rating generated from a comparison of the forecast
data to the actual data; and a user interface in communication with
the server, wherein the server generates an investment guidance
display of the forecast data, the actual data, and the entity
forecast rating and transmits the display to the user interface via
the communication network.
17. The system according to claim 16, wherein the forecast data is
partitioned in the storage based on a time period of the entity
disclosure.
18. The system according to claim 17, wherein the time period is
selected from a group consisting of a quarter and a fiscal
year.
19. The system according to claim 17, further comprising: a first
selectable characteristic displayed on said user interface and in
communication with said server, said first selectable
characteristic for defining at least one of the time periods for
which to display the forecast data, the actual data, and the entity
forecast rating.
20. The system according to claim 17 wherein the investment
guidance display illustrates the following: an initial set of the
forecast data from a first portion of at least one of the time
periods, which is presented in a first manner on the display, a
revised set of the forecast data from a second portion of at least
one of the time periods, which is presented in a second manner on
the display, a variance of the forecast data over each of the at
least one of the time periods, which is presented in a third manner
on the display, the actual data for the at least one of the time
periods, which is presented in a fourth manner on the display.
21. The system according to claim 16, wherein the investment
guidance display is transmitted to the user interface via
email.
22. The system according to claim 19, further comprising: a second
selectable characteristic displayed on said user interface and in
communication with said server, said second selectable
characteristic for selecting user preferences and defining a
frequency for which to transmit the display to the user
interface.
23. The system according to claim 16, wherein the entity
performance parameter is an earnings-per-share.
24. A system for providing entity investment guidance via a
communication network, said system comprising: a server; at least
one entity-issued entity disclosure received by the server via the
communication network; at least one analyst data received by the
server via the communication network, said analyst data indicative
of a projection of an entity performance parameter; a storage
accessible by the server, said storage including: at least one
forecast data extracted from the at least one entity disclosure,
said forecast data indicative of a projection of an entity
performance parameter, the analyst data, and an entity forecast
rating generated from a comparison of the forecast data to the
analyst data; and a user interface in communication with the
server, wherein the server generates an investment guidance display
of the forecast data, the analyst data, and the entity forecast
rating and transmits the display to the user interface via the
communication network.
25. The system according to claim 24, wherein the forecast data is
partitioned in the storage based on a time period of the entity
disclosure.
26. The system according to claim 25, wherein the time period is
selected from a group consisting of a quarter and a fiscal
year.
27. The system according to claim 25, further comprising: a first
selectable characteristic displayed on said user interface and in
communication with said server, said first selectable
characteristic for defining at least one of the time periods for
which to display the forecast data, the analyst data, and the
entity forecast rating.
28. The system according to claim 25 wherein the investment
guidance display illustrates the following: an initial set of the
forecast data from a first portion of at least one of the time
periods, which is presented in a first manner on the display, a
revised set of the forecast data from a second portion of at least
one of the time periods, which is presented in a second manner on
the display, a variance of the forecast data over each of the at
least one of the time periods, which is presented in a third manner
on the display, and the analyst data for the at least one of the
time periods, which is presented in a fourth manner on the
display.
29. The system according to claim 24, wherein the investment
guidance display is transmitted to the user interface via
email.
30. The system according to claim 27, further comprising: a second
selectable characteristic displayed on said user interface and in
communication with said server, said first selectable
characteristic for selecting user preferences and defining a
frequency for which to transmit the display to the user
interface.
31. A system for providing entity investment guidance via a
communication network, comprising: a server; at least one
entity-issued entity disclosure received by the server via the
communication network; at least one analyst data received by the
server via the communication network, said analyst data indicative
of a projection of an entity performance parameter; a storage
accessible by the server, said storage including: at least one
forecast data extracted from the at least one entity disclosure,
said forecast data indicative of a projection of an entity
performance parameter, at least one actual data extracted from the
at least one entity disclosure, said actual data indicative of an
actual entity performance parameter, the analyst data, a first
entity forecast rating generated from a comparison of the forecast
data to the actual data, a second entity forecast rating generated
from a comparison of the forecast data to the analyst data, and a
user interface in communication with the server, wherein the server
generates an investment guidance display of the forecast data, the
actual data, the analyst data, and the first and second entity
forecast ratings and transmits the display to the user interface
via the communication network.
32. A method for providing investment guidance based on
entity-issued disclosure, comprising the steps of: receiving at
least one entity-issued disclosure; generating a transcript of the
at least one entity-issued disclosure; extracting a forecast data
and an actual data from the transcript; storing the forecast data
and the actual data in a storage; generating an entity forecast
rating based on a comparison of the forecast data to the actual
data; generating an investment guidance display of the forecast
data, actual data, and entity forecast rating.
33. The method according to claim 32, further comprising the step
of: verifying the forecast data and the actual data.
Description
CROSS-REFERENCE TO RELATED APPLICATIONS
[0001] This application claims priority benefits under 35 .sctn.
U.S.C. 119(e) of the U.S. Provisional Application No. 60/557,667,
filed on Mar. 30, 2004.
FIELD OF THE INVENTION
[0002] The invention relates to investment decision-support
systems, and more specifically to a system and method for the
collection and delivery of investment guidance for one or more
business entities.
BACKGROUND OF THE INVENTION
[0003] The securities industry in the United States is governed by
a regulatory framework based on the concept that all investors and
other interested parties should have access to certain basic facts
about an investment prior to buying it. To achieve this, the
Securities and Exchange Commission ("SEC") requires public
corporations to disclose meaningful financial and other information
to the public. In addition to what is required by the SEC, many
corporations release a wide range of information to investors and
other interested parties regarding the present and future
performance of the corporation. Parties may then use this
information to judge for themselves if a corporation's securities
are a good investment.
[0004] Corporate financial guidance ("Guidance") is the primary
means by which corporations communicate their plans, goals, and
expectations to investors and other interested parties. Guidance
may be conveyed through various events and mediums such as press
releases, earnings conference calls, conference presentations,
analyst meetings, and SEC filings. Guidance is most commonly
conveyed in an unstructured format using written or spoken prepared
text or as answers to analysts' questions.
[0005] Although the guidance is generally made public, there are
few means in the investor-relations marketplace for investors or
other interested parties to obtain comprehensive company-issued
guidance from a single source. When company-issued guidance events
and mediums are obtained, parties must sort through the large
amount of information contained in the various events and mediums
to determine the relevant guidance data.
[0006] It is therefore desired to provide a system and method for
collecting and storing investment guidance data to enable investors
and/or other interested parties to quickly access data relevant to
their investment decision. It is a further desired to provide a
system and method for providing context to the guidance data and a
means to determine the accuracy and reliability of the guidance
data.
SUMMARY OF THE INVENTION
[0007] According, it is an object of the present invention to
provide a single-source comprehensive database of company-issued
guidance or forecast data for delivery to investors and/or other
interested parties.
[0008] It is a further object of the present invention to provide
detailed and relevant guidance data to investors and/or other
interested parties in a format that is substantially easier and
faster than reading the guidance data source documents.
[0009] It is a further object of the present invention to provide
the guidance data to investors and/or other interested parties with
context to indicate the source of the guidance data.
[0010] It is a further object of the present invention to provide a
guidance or forecast rating to provide investors and/or other
interested parties with an indication of the reliability and
accuracy of the guidance data receiving from a particular
corporation or entity.
[0011] These and other objectives are achieved by providing a
system for providing investment guidance via a communication
network including a server, at least one entity-issued disclosure
received by the server via the communication network, and a storage
accessible by the server. The storage includes at least one
forecast data extracted from the at least one entity disclosure,
the forecast data indicative of a projection of an entity
performance parameter, and a context file for each of the forecast
data, the context file including at least a portion of the entity
disclosure associated with the forecast data. Also included in the
system is a user interface in communication with the server,
wherein the server generates an investment guidance display of the
forecast data and the context file and transmits the display to the
user interface via the communication network.
[0012] Other objects of the present invention are achieved by
provision of a system for providing entity investment guidance via
a communication network, including a server, at least one
entity-issued disclosure received by the server via the
communication network, and a storage accessible by the server. The
storage includes at least one forecast data extracted from the at
least one entity disclosure, the forecast data indicative of a
projection of an entity performance parameter, at least one actual
data extracted from at least one entity disclosure, the actual data
indicative of an actual entity performance parameter, and an entity
forecast rating generated from a comparison of the forecast data to
the actual data. Also included in the exemplary system is a user
interface in communication with the server, wherein the server
generates an investment guidance display of the forecast data, the
actual data, and the entity forecast rating and transmits the
display to the user interface via the communication network.
[0013] Further objects of the present invention are achieved by
provision of a system for providing entity investment guidance via
a communication network including a server, at least one
entity-issued disclosure received by the server via the
communication network, at least one analyst data received by the
server via the communication network, the analyst data indicative
of a projection of an entity performance parameter, and a storage
accessible by the server. The storage includes at least one
forecast data extracted from the at least one entity disclosure,
the forecast data indicative of a projection of an entity
performance parameter, the analyst data, and an entity forecast
rating generated from a comparison of the forecast data to the
analyst data. Further included in the system is a user interface in
communication with the server, wherein the server generates an
investment guidance display of the forecast data, the analyst data,
and the entity forecast rating and transmits the display to the
user interface via the communication network.
[0014] In some exemplary embodiments according to the present
invention, the forecast data is partitioned in the storage based on
a time period of the entity disclosure. Furthermore, the investment
guidance display in some embodiments illustrates an initial set of
the forecast data from a first portion of at least one of the time
periods, which is presented in a first manner on the display, a
revised set of the forecast data from a second portion of at least
one of the time periods, which is presented in a second manner on
the display, and a variance of the forecast data over each of the
at least one of the time periods, which is presented in a third
manner on the display. Additionally illustrated in some embodiments
is the context file, the actual data, or the analyst data for the
at least one of the time periods presented in a fourth manner on
the display.
[0015] In other respects, the present invention is concerned with
the provision of a method for providing investment guidance based
on entity-issued disclosure, including the steps of receiving at
least one entity-issued disclosure, generating a transcript of the
at least one entity-issued disclosure, extracting a forecast data
and an actual data from the transcript, and storing the forecast
data and the actual data in a storage. Further included are the
steps of generating an entity forecast rating based on a comparison
of the forecast data to the actual data and generating an
investment guidance display of the forecast data, actual data, and
entity forecast rating.
[0016] Other objects, features and advantages according to the
present invention will become apparent from the following detailed
description of certain advantageous embodiments when read in
conjunction with the accompanying drawings in which the same
components are identified by the same reference numerals.
BRIEF DESCRIPTION OF THE DRAWINGS
[0017] FIG. 1 is a schematic view of a system for providing entity
investment guidance in accordance with one embodiment of the
present invention.
[0018] FIG. 2 is an exemplary flow chart illustrating a method for
providing investment guidance based on entity disclosures employed
by the system of FIG. 1.
[0019] FIG. 3 is a screen shot of an exemplary investment guidance
display generated by the system of FIG. 1.
[0020] FIG. 4 is another screen shot of exemplary investment
guidance display generated by the system of FIG. 1.
[0021] FIG. 5 is another screen shot of an exemplary investment
guidance display generated by the system of FIG. 1.
DETAILED DESCRIPTION OF THE DRAWINGS
[0022] FIG. 1 shows an exemplary embodiment of a system 100 for
providing entity investment guidance according to the present
invention. The system 100 includes a communication network 110. The
communication network 110 may be, for example, the Internet. The
system 100 further includes a server 120.
[0023] The system 100 includes at least one data source, e.g., data
sources 130 and 132. The data source 130 may be an entity-issued
data source transmitting at least one entity disclosure to the
server via the communication network. The entity disclosure may be
any means of providing entity or corporation-issued guidance
including, for example, a press release, a publication, a
conference call, or an SEC filing.
[0024] The system 100 preferably retrieves and processes all entity
disclosures that may be of interest to investors and/or other
interested parties. The entity disclosures may include, for
example, projections and estimations of the corporation's financial
performance (e.g., forecast data), actual financial performance
(e.g., actual data), and non-financial information and any other
type of investment guidance.
[0025] The entity disclosure may include quantitative or
qualitative disclosures of an entity or corporation. For example,
the entity disclosure may include a quantitative projection of a
future earnings-per-share or "EPS" (e.g., we believe EPS in the
4.sup.th quarter will be between $1.00 and $1.05) or a qualitative
projection (e.g., we believe EPS will rise significantly in the
4.sup.th quarter). The entity disclosure may further be in any
format known to those of ordinary skill in the art, including, but
not limited to, a written document, a computer file, a live audio
or video transmission, an audio recording, and a video
recording.
[0026] Some embodiments according to the present invention include
the second data source 132, which may be an analyst data source
transmitting at least one analyst data to the server via the
communication network. The analyst data is indicative of a
projection of an entity performance parameter (e.g., measure)
provided by an analyst external to the entity. The entity
performance parameter may include but is not limited to, an
earnings-per-share, a revenue, an income, a profit, a capital
expenditure index ("CAPEX"), or a combination thereof.
[0027] Shown in FIG. 1, the system 100 includes a storage 140
accessible by the server. The storage may be any data storage means
known to those of ordinary skill in the art. The storage 140
includes forecast data extracted from entity disclosures. The
forecast data is indicative of a projection of an entity
performance parameter. In some embodiments, the storage 140 further
includes actual data extracted from the number of entity
disclosures. The actual data is indicative of an actual entity
performance parameter. In some other embodiments, the storage 140
also includes the above described analyst data.
[0028] The storage 140 may also include a context file for each of
the forecast data. The context file includes a portion of the
entity disclosure (or a hyperlink thereto) associated with the
forecast data. The context file provides a user of the system 100
with context to the received quantitative and qualitative forecast
data. For example, the context file may comprise a portion of text
including the forecast data as extracted from a press release,
conference call, or any other entity disclosure.
[0029] The storage 140 may include any number of partitions and/or
databases. The storage 140 may include various partitions of data
(e.g., forecast data, actual data, analyst data) sorted by the date
on which the data was transmitted to the server or the time period
to which the data refers. For example, the forecast data may be
sorted by day, month, quarter, and/or fiscal year. The forecast
data may be further partitioned to include provision for historical
forecast data and/or actual data.
[0030] The storage 140 may also be partitioned or categorized by
data type. For example, the storage 140 may include several data
categories or classifications including, but not limited to:
financial statement guidance or forecasts, industry outlook, legal
disclosures, non-financial data, capital gains, and financing.
Furthermore, the storage 140 may include data relating to any
number of entities. Such entities may then be categorized or
classified in the storage 140 based on an industry sector (e.g.,
using Global Industry Classification Standards ("GICS") industry
codes). For example, entity categories may include: energy,
materials, industrials, consumer discretionary, consumer staples,
healthcare, financials, information technology, telecommunication
services, and utilities.
[0031] Some exemplary embodiments of the system 100 may generate
one or more entity forecast ratings and store the entity forecast
rating(s) in the storage 140. The forecast rating provides a user
with a means to determine the reliability or accuracy of the
forecast data, i.e., which entities give historically good
forecasts or guidance, and which continually miss forecast
estimates. For example, a first entity forecast rating may be
generated from a comparison of the forecast data to the actual
data. Additionally, a second entity forecast rating may be
generated from a comparison of the forecast data to the analyst
data. The entity forecast ratings are stored in the storage
140.
[0032] Further included in the system 100 is at least one user
interface 150 in communication with the server. The user interface
150 may include a computer, a monitor, and/or any other user
interface known to those of ordinary skill in the art. The user
interface 150 allows a user to access the system 100 and the
various data described above. Furthermore, the user interface 150
allows a user to receive and view information, such as an
investment guidance display as generated by the server 120 and
transmitted to the user interface 150. A user may receive other
information via the user interface such as alerts. Alerts may
include the announcement (e.g., via email) of a new entity
disclosure, new forecast data, new actual data, and/or new analyst
data.
[0033] The investment guidance display may be transmitted to the
user interface via a website or Internet browser accessed through
the communication network (e.g., Microsoft Internet Explorer or
Apple Safari). The investment guidance display may also be
transmitted to the user interface 150 via email. In some
embodiments of the present invention, a user may specify a
frequency for which to receive an investment guidance display, or
other information in the storage 140, via email. For example, the
investment guidance display according to the present invention may
include a selectable characteristic (not shown) for defining one or
more time periods for which to transmit the display. A user may
choose to receive the display or other information at a specified
time each day (e.g., at market closing).
[0034] FIG. 2 shows an exemplary flow chart illustrating a method
200 for providing investment guidance based on entity disclosures
employed by the system of FIG. 1. The method 200 is described with
reference to the system 100 shown in FIG. 1. However, the method
200 may be used in combination with other similar systems and/or
apparatuses known to those of skill in the art.
[0035] The method 200 includes a first step 201 of receiving or
scheduling at least one entity disclosure. Scheduling includes
finding qualifying future entity disclosures (e.g., events, press
releases, conference calls, SEC filings, etc). The step may also
include determining if an entity disclosure should be processed and
reevaluating already scheduled entity disclosures based on changes
in data. In some embodiments, step 201 may further include
transmitting an alert or otherwise notifying administrators of the
system 100 of an upcoming entity disclosure.
[0036] Step 203 of the method 200 includes generating a transcript
of the entity disclosure. For example, an audio or video entity
disclosure may be converted into a text transcript to facilitate
processing. The step 203 may be a virtual step of receiving a
transcript if a particular entity disclosure already exists in text
format.
[0037] Step 205 includes extracting forecast data and actual data
from the transcript. For example, the content of the disclosure
event may be broken down into portions and each portion identified
as candidates for containing relevant forecast and/or actual data.
The forecast and/or actual data is then extracted from the entity
disclosure. In some embodiments, non-financial data may further be
extracted.
[0038] An optional step 207 of verifying the forecast data and the
actual data may be included in the method 200. For example, a
quality control ("QC") process may be performed on the data. The
system may determine if QC is necessary or determine that the step
207 may be skipped. Step 207 may result in changes or corrections
to the data.
[0039] The forecast data and actual data is then stored (e.g.,
absorbed) into a storage (step 209). The step 209 may include a
selection of the relevant time period of the data, an inputting of
one or more values for the data, and the inputting of a basis of
the values. For example, a forecast data such as a projected
earnings-per-share may be stored as an individual value or a range
of values referring to a particular time period (e.g., a current or
upcoming quarter or fiscal year). The forecast data may include a
basis (e.g., a context file), such as a reference or link to the
particular entity disclosure from which the forecast data was
extracted.
[0040] A further step of auditing the data (not shown) may follow
the storage of the data. The step of auditing the data may include
generating an audit report, reviewing the audit report, and
identifying errors in the data. The data may then be corrected and
the corrections stored in the storage. An explanatory comment may
also be stored with the corrections.
[0041] Step 211 includes generating an entity forecast rating for
the data. As described above, the entity forecast rating is based
on a comparison of the forecast data to actual data. In some
embodiments, the entity forecast rating may be based on a
comparison of the forecast data to analyst data. The entity ratings
are then stored in the storage. In step 213, an investment guidance
display of the forecast data, actual data, and entity forecast
rating is generated.
[0042] FIG. 3 shows a screen shot of an exemplary investment
guidance display 300 generated by the system of FIG. 1. The
particular display 300 is a spreadsheet data display. The display
has a title 302 including, for example, a company name, stock
ticker symbol, and units information for the data. In some
embodiments, the title 302 may also include an industry
classification and/or sub-industry classifications of the
entity.
[0043] The display 300 includes any number of columns (e.g.,
columns 310-318). The columns include headings 320-328 providing
reference to the time periods for which forecast data and actual
data is shown (e.g., Q1 2004 or the 1.sup.st Quarter of fiscal year
2004). The column headings 320-328 further include reference to the
provision of forecast data (e.g., guidance or "GUI") and actual
data ("ACT").
[0044] The display 300 further includes any number of rows 330 with
each row including a data type heading (e.g., 332-338). For
example, the data type heading 332, or "EPS," represents the
provision of earnings-per-share data. Within the EPS row, forecast
data and actual data is provided for each quarter of the fiscal
year 2004. For example, the values 0.27-0.31 of forecast data are
provided for the 1.sup.st quarter of 2004. As described above, such
values of forecast data represent the forecast data in the storage
140 having been extracted from disclosure events.
[0045] The display 300 also includes provision for the display of a
context file for each of the forecast data including at least a
portion of the entity disclosure associated with the forecast data
(not shown). For example, each of the forecast data represented on
the display 300 may include a hyperlink to the associated context
file. Alternatively, or in combination, the context file may appear
on the display 300 when a user positions a computer mouse icon over
the forecast data.
[0046] The Interperiod Revisions, or data type subheading 340,
reference revisions to the projected EPS as extracted from
subsequent disclosure events. Any number of Interperiod Revisions
may be included in the display 300. For example, the display 300
shows values of forecast data for the 4.sup.th quarter of 2004
including EPS between 0.34 and 0.38. The forecast data was later
revised (e.g., due to a subsequent disclosure event) to 0.20-0.27
and again to 0.22-0.27. As shown, the actual EPS at the end of the
4.sup.th quarter of 2004 was 0.37.
[0047] Further included in the rows 330 is "Non-Financial
Guidance." As shown, the Non-Financial Guidance may include data
type headings such as the data type heading 338 (or "Product
Outlook"). The Non-Financial Guidance may further include Industry
Outlook, Organizational, Corporate Development, Capital Plans,
Legal, and any other known non-financial data type. The display 300
may provide a value or range of values for a quantitative
non-financial data type (e.g., the Product Outlook or 338).
However, the display 300 includes provision for the display
qualitative or non-numeric data. For example, an icon 350 (e.g.,
"G") is provided to indicate the existence of non-numeric data and
the icon 350 may include a hyperlink (Or any other reference) to
such data.
[0048] In some embodiments, the values shown in the display 300 are
color coded (not shown) to reflect up and down trends. For example,
the value(s) may be red if a particular data type (e.g., EPS) is
currently on a down trend, green if the data type is on an up
trend, or black if there is no present change in the data type.
[0049] FIG. 4 shows another screen shot of an exemplary investment
guidance display 400 generated by the system of FIG. 1. The
particular display 400 is an "interactive chart" investment
guidance display. The display 400 provides quantitative data from
the storage 140 for the purpose of providing a visual context to
the forecast and actual data. As one of ordinary skill in the art
will understand, the interactive chart or display 400 may show the
same data as a spreadsheet display (e.g., the display 300),
although in a different form.
[0050] The display 400 includes a title 402, a data-type selector
404, and a time period selector 406. The display 400 further
includes a first chart portion 408 and a second chart portion 410
(e.g., a focus period). A user may customize the display 400 by
selecting a type of data via the data type selector 404. For
example, a user may choose to display EPS, CAPEX, Total Revenue,
EBITDA ("Earnings Before Interest, Tax, Depreciation and
Amortization"), Operating Earnings, and/or Pro-Form a EPS on the
display 400. When a data type is selected using the data type
selector 404, a first Y-Axis header 412 displays the data type and
the corresponding units of the data type. The range of the values
in the first Y-Axis header 412 will vary depending on the specific
data type. The display 400 also includes a corresponding first
X-Axis header 414 displaying four periods of data (e.g., quarters
or fiscal years).
[0051] Within the second chart portion 410, the display 400
includes a second Y-axis header 416 and a second X-Axis header 418.
The second X-Axis header 418 includes only one period of data
(e.g., one quarter or one fiscal year). Therefore, the second chart
portion 410 may display data for a period equal to the total of the
individual periods of first chart portion 408. Alternatively, the
second chart portion 410 may display more detailed data for any one
of the periods shown in the first chart portion 408.
[0052] As shown in the first chart portion 408, an initial set 430
of forecast data is displayed in a first manner (e.g., a shading).
As one of ordinary skill in the art will understand, the initial
set 430 represents forecast data including a projected EPS between
0.195 and 0.25 for the 1.sup.st Quarter of 2003. Also provided in
the first chart portion is a revised set 432 of the forecast data
which is displayed in a second manner on the display. The revised
set 432 represents forecast data including a projected EPS between
0.21 and 0.245. For example, the revised set 432 may be a result of
a subsequent disclosure event in which the entity (e.g., eBay)
issued a new projection of EPS for the 1.sup.st quarter of
2003.
[0053] The position of the revised set 432 on the first chart
portion 408 provides information as to the date on which the
subsequent disclosure event was issued. As shown, the revised set
432 appears to have been extracted from a disclosure event issued
at a time approximately half way through the 1.sup.st quarter of
2003. The first chart portion 408 may further include any number of
additional revised sets, such as the revised set 434.
[0054] The graphical representation of the initial set 430 and each
of the revised sets 432 and 434 provides a user with a quick and
easy representation of the variance of the forecast data over each
of the quarters and the fiscal year. However, a numerical
representation of the variance (e.g., as a percentage) may be
further provided on the display 400.
[0055] Also shown in the display 400 is actual data for each of the
quarters and the fiscal year (i.e., in the first chart portion 408
and the second chart portion 410 respectively). For example, actual
data 436 representing an actual EPS of approximately 0.235 is shown
for the 1.sup.st quarter of 2003. As shown, the actual data 436
falls within each of the initial set 430 (i.e., the initial
projected EPS) and the revised sets 432 and 434 (e.g., subsequent
projected EPS).
[0056] As similarly described above in reference to FIG. 3,
embodiments of the display 400 may further include provision for
the display of a context file for each of the forecast data and/or
actual data. The context file includes at least a portion of the
entity disclosure associated with the forecast data. For example,
each of the forecast data represented on the display 400 may
include a hyperlink to the associated context file. Alternatively
or in combination, the context file may appear on the display 400
when a user positions a computer mouse icon over the forecast data
(e.g., "rollover text").
[0057] FIG. 5 shows another screen shot of an exemplary investment
guidance display 500 generated by the system of FIG. 1. Shown in
FIGS. 4 and 5, the user may select a time period for which to
display data (e.g., forecast, actual and analyst data) via the time
selector 406/506. For example, the user may select "Current
Guidance" (e.g., providing data for the current fiscal year) as
shown in FIG. 4 or "Previous Guidance" (e.g., providing data for
any prior fiscal year) as shown in FIG. 5. The user may select a
previous year and/or a particular quarter within the previous year
(shown in FIG. 5). When a current or previous time period is
selected, the user may select "Redraw Chart" to regenerate the
guidance data display 400/500 for the selected time period.
[0058] The displays 400 and 500 may further include an options
selector 420 and 520, respectively. The options selector 420/520
allows the user to further customize the display 400/500 by
choosing options such as "Initial Guidance," "Actual" or actual
results, "Revisions," "Same Q. Previous Year" or same quarter in
the previous year, and/or "All Guidance." For example, a user may
select to display an actual value 540 of EPS from a previous year
(shown as "P" on the second chart portion 510) (e.g., "P") as well
as the actual value 536 for the current year. Furthermore, a user
may selector to display analyst data and/or entity forecast ratings
(not shown) on either of the FIG. 4 or 5.
[0059] Provision may be included in any of the displays 300-500 to
include a selectable characteristic for defining a frequency for
which to transmit the display to the user interface. For example, a
user may select by what means and what frequency to receive
forecast data, actual data, and/or any of the displays 300-500. For
example, a user may choose to receive a display on demand in an
Internet browser. The user may further choose to receive particular
forecast data (e.g., "alerts") and/or a display via email at
selected times and/or intervals (e.g., as disclosure events
issue).
[0060] Advantages of the present invention include the provision of
a single source for investors and/or other interested parties to
access all entity-issued forecast data and actual data. The present
invention further includes the advantageous provision of context to
the entity-issued data.
[0061] A further advantage of the present invention is the
provision of a forecast rating to provide investors and/or other
interested parties with an indication of the reliability and
accuracy of the guidance data receiving from a particular
corporation or entity. The forecast rating, as well as other
characteristics of the present invention, provide for comparison of
forecast data against performance indicators such as analyst
estimates and actual data.
[0062] Although the invention has been described with reference to
a particular arrangement of parts, features and the like, these are
not intended to exhaust all possible arrangements or features, and
indeed many modifications and variations will be ascertainable to
those of skill in the art.
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