But scattered gains do not necessarily translate into higher profit margins.

Those gains should translate into an earnings increase of 7 to 8 percent for the S.& P. 500 during 2001.

Most studies have shown that the drugs can produce small improvements in scores on mental tests, but these gains may not translate into anything helpful in real life.

Not bad, but over a year, that one-day gain translates into an added annual gain of just 0.2 percent.

Those gains have translated into real benefits for nearly all Americans.

The gain translates to an average annual return of 7.3 percent, far below that of the major market indexes.

For bondholders, the day's gains translated into about $12.19 for each $1,000 of bonds held.

But as the Key Tronic example demonstrates, Nafta has not been a zero-sum game, where one country's gains translate into the other country's losses.

In a country with high inflation, like Turkey, the dollar's gains do not translate into proportionately lower prices for American tourists.

In the past, such gains would have also translated into higher wages and more generous benefits as contracts were renegotiated every two or three years.