Used in the context of general equities. In/by the market . Unannounced information that is widely accepted/anticipated, and hence is already taken into account in the pricing of the security/ market (i.e., Poor earnings).
DISCOUNTED IN/BY MARKET
Meaning of DISCOUNTED IN/BY MARKET in English
Campbell R. Harvey. Hypertextual finance English glossary. Английский словарь гипертекстовых финансов. 2012