The Post-Earnings Announcement Drift is a phenomenon first identified in 1968 but since 1998, the drift has only occurred when earnings differ from the Earnings whisper number
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Earnings Whispers is a research firm that focuses on gathering earnings expectations from professional analysts and combining these expectations with individual investor sentiment. We then study this information to find investing and trading opportunities.

Over the past 20 years, we've published 94,164 Earnings Whisper ® numbers based on information from 11,498 professional buy and sell-side analysts. These projections have been more accurate than consensus earnings estimates 71.2% of the time. In addition, we've collected 4,895,452 sentiment readings from 514,899 individual investors. When we look at how this and other data has affected stock prices for 411,846 earnings releases and 105,792 guidance announcements, we have found several statistical truths. The first being that the market phenomenon known as the Post-Earnings Announcement Drift (PEAD) only occurs relative to the Earnings Whisper and not the consensus estimate. This is primarily due to the reality that the Earnings Whisper number represents the true market expectations of the large institutional investors – the ones that truly move stock prices – and it is when reported results differ from this expectation that investing models change.

Another market reality is that professionals' expectations are not necessarily the same as that of the individual investors and the best opportunities occur when these two expectations are at odds.

By signing up to Earnings Whispers' free Member Services, you get an introduction to these market opportunities and benefit from an exclusive sample of indicators that have been statistically proven to significantly outperform other published research on corporate earnings announcements.

You'll also be able to maintain your own watchlist, have access to more in-depth coverage of companies with positive earnings, get statistically favorable trading ideas, receive earnings alerts, and more.