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Starting from an exact relationship between news, threshold and price returndistributions in the stationary state, I discuss the ability of theGhoulmie-Cont-Nadal model of traders to produce fat-tailed price returns. Undernormal conditions, this model is not able to transform Gaussian news intofat-tailed price returns. When the variance of the news so small that only theplayers with zero threshold can possibly react to news, this model producesLevy-distributed price returns with a -1 exponent. In the special case ofsuper-linear price impact functions, fat-tailed returns are obtained fromwell-behaved news.Comment: 4 pages, 3 figures. This is quite possibly the final version. To  appear in J. Phys

News and price returns from threshold behaviour and vice-versa: exact solution of an agent-based market model