But in recent years, these widely publicized forecasts haven't been the only numbers turning heads. Whisper numbers are particularly prevalent in the high-tech world, where shifting investor sentiments, often circulated over the Internet, can send stocks gyrating. That it did. Some market watchers complain that whisper numbers circulate because companies aren't being frank about their situation. Quarterly earnings reports are the final play in a long, complicated game between companies, analysts and investors.
Companies notify analysts of business developments that are shaping their prospects.
The analysts then predict how these developments will translate to the companies' bottom line. Research firms such as First Call Corp. and Zacks Investment Research then poll the analysts to determine a general consensus. The results are published in newspaper stories, on the Internet, and in investment reports. Investors wait with bated breath to find out whether their holdings met or missed estimates. But these days, analysts said, perhaps they should readjust their expectations.