"Material non-public information" is created in the first place by the SEC. Because almost no information becomes "material" instantaneously. Rather, it is only by accumulating unreleased that the difference between previous and current releases can become material.


For instance, there is a chance that this week a "fastpass" or frequent-airline-security-timesaver-pass program will be marketed for management by Sabre Holdings, the airline-booking company in Texas (TSG). Sometime in the next few weeks or months, Sabre could theoretically decide to experimentally adopt the program, and begin overlaying necessary software and infrastructure upgrades.


Eventually - and this is a longshot - there could be a pilot program, accompanied by a news release stating,


SABRE HOLDINGS GROUP (TSG), IN A JOINT VENTURE WITH GEMPLUS OF BRITAIN (GEMP), WINS FEDERAL CONTRACT TO MONOPOLIZE EFFICIENT AIRLINE SCREENING PROCESS FOR FREQUENT FLIERS - AS MANDATED BY NEW AIRLINE-SECURITY MEASURES RECENTLY PASSED BY CONGRESS. FUNNELED AND INCREASED BOOKINGS TO RESULT IN SKYROCKETING REVENUE. FORMER NEW YORK MAYOR RUDY GIULIANI, ACTING AS A CONSULTANT TO THE PROJECT, WILL PRESIDE AT THE UNVEILING OF THE NEW TECHNOLOGY TO TAKE PLACE THIS AFTERNOON AT LA GUARDIA AIRPORT.


Or something...


At which point the stock could jump like 50 cents.


But anybody suggesting anything like this today could be prosecuted for starting a "rumor." So, is it material, or is it a rumor?? It's neither. It's an immaterial fact, a remote possibility. But, thanks to Reg FD - and to trial lawyers' obessions with the word "could" - companies are prohibited from disseminating immaterial facts which could slowly, over a period of time, evolve into facts.


eLROY