Whisper numbers are certainly less optimistic this quarter than a year ago. Early in the first quarter of 2010, whisper numbers were, on average, 2.3 cents ahead of the analyst estimates. For the same period this year, the average whisper number is only 1.4 cents ahead of estimates.
Some investors may be wary of a potential market correction, especially with the strength seen in the past three months. Or, as in the case of Alcoa (AA), optimism at the beginning of last year led to a 40% sell off, and the stock still has yet to fully recover. The lack of greater optimism at the start of this earnings season may be more a case of investor uncertainty.
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