Should You Listen To "Whisper Numbers"?

These Web sites can help investors--but be careful

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By Marcia Vickers

September 27, 1999 at 4:00 AM UTC

This article is for subscribers only.

Just before Microsoft Corp. announced second-quarter earnings in July, scads of investors logged on to several "whisper number" Web sites claiming to offer the up-to-the-minute scoop on what the most plugged-in traders think per-share profits will turn out to be. Sure enough, when Microsoft finally announced its earnings--40 cents a share--at least two of the whisper sites, with guesses of 37 cents, were closer to the real number than the more widely available 35 cents-a-share consensus of analysts' published estimates.

More and more investors, seeking this sort of an edge, are logging onto Web sites that feature free whisper numbers (table, page 150E12). Among ones offering free access to whisper numbers are EarningsWhispers.com, StreetIQ.com, and WhisperNumber.com.