* Sales and cost management are fundamental factors affecting a company's earnings, directly influencing equity values.
* The commercial success of the company significantly impacts its earnings, thus affecting the industry P
/E levels.
* Market sentiment also plays a crucial role in the fluctuation of equity values as it influences investor perceptions and market dynamics.
* Therefore, sales, cost management, and commercial success are factors that will generally lead to the fluctuation of equity values with industry P/E levels and a company's individual earnings.