It takes time, of course, for lowered earnings expectations to show up in share prices.

And so, too, are earnings expectations for the coming year.

I own a franchise that has not lived up to earnings expectations.

Others spoke of the freedom at private companies from having to meet quarterly earnings expectations.

Probably not by coincidence, the hidden expenses were just enough to let it meet earnings expectations.

It was the first time in three and a half years that the company had failed to meet or exceed earnings expectations.

"The question is: Does the economic recovery justify strong earnings expectations?"

"And we don't want to drive decisions to meet earnings expectations."

Then, as now, companies that failed to meet earnings expectations were likely to see their stock price come under selling pressure.

"Our philosophy is that earnings expectations drive stock prices," he said.