Buy the Rumor, Sell the Fact

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Buy the Rumor, Sell the Fact

A catchphrase meaning that positive rumors about a company often cause stock prices to rise (because of increased buying on the part of investors), but then the prices fall (because of increased selling) after actual reports do not bear out the rumors.
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References in periodicals archive ?
Buy the Rumor, Sell the News proved true again on Thursday, when Wednesday's signing off of IMF loan Package to Pakistan led the index with ~+400pts earlier on forth trading day, but soon the selling pressure kicked in and caused the index to plunge by -430pts by the end of session, closing the index with -354pts (unadjusted).