Orion's earnings outlook has improved because its films have done well.

Given the current earnings outlook, I think the stock is pretty fairly priced.

The last has several rate increases coming up, a good earnings outlook for 1996 and more than 40 consecutive years of increasing dividends.

"The investment community came to realize that earnings outlooks for these companies are improving," he said.

The stocks are "clearly less attractive than a year ago, but the earnings outlook continues to be very favorable."

As a result, the earnings outlook for the first quarter may be good.

At the same time, economic growth is still robust enough to keep the corporate earnings outlook positive.

The company added that its earnings outlook for the rest of the year was uncertain.

Analysts said they were surprised by how bleak the earnings outlook was.

Since the market came back to life in October, investors have felt safe buying stocks, regardless of the earnings outlook.