Analyst publications and recoemndations are already refelected in the stock prices at all times. on the earning report day, if earnings missed the expected earning , then the stock price is affected, even if the company still generated high increase in earnings. My question is if anyone tried to trade the expected surprise on earning day using whisper numbers ? that is unofficial indications of the earning surpises of companies. example of such source http://www.whispernumber.com/