The price of Waste Management stock drops from $38.41 to $35.43 an despite the fact that expected FY 2007 EPS (earnings per share) were announced to be in the range of $1.96 to $2.00, which met the average analyst expectations of $2.00. The primary reason for the sell-off, is due to the worsening of the relationship between WMI's volumes and core price. In other words, in recent quarters, increases in prices have not been sufficient to offset the decreases in volume and have continued to steadily deteriorate.
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