NEW YORK ( TheStreet) -- On the most basic level, expectations for Apple's ( AAPL) earnings aren't wandering lost in the valley of indecision. Wall Street analysts expect about $10.35 a share on revenue of $37.2 billion for the third quarter due to be reported after the close of trading on Tuesday.

Though many of the legions of non-Wall Street Apple followers -- who have historically been more on the mark than the so-called professionals -- expect more, the collective mind-state is more negative than usual, making it easier for Apple to surpass expectations.

Reading a sample of headlines sounds like a funeral dirge. Reuters went with "Apple heads into choppy waters as new iPhone awaited," while Bloomberg shouted, "Apple Growth Seen Pausing As IPhone Buyers Await Model."

We all know that Apple is making mincemeat of the likes of Research in Motion ( RIMM), Nokia ( NOK), Dell ( DELL) and Hewlett-Packard ( HPQ). But the media is concerned that Apple consumers are waiting for the release of the new iPhone to shop. They are also fretting about the delayed release of the iPad in China, which did not attract raucous lines.

All of this could spell earnings doom. But as you can see from the headlines, it's probably already factored into the price of the stock.

Moreover, iPad sales, even without China, could compensate for iPhone customers holding off. The lack of lines, too, should not be a defining concern. Apple's online reservation system, as Eric Jackson rightly pointed out on Bloomberg TV, means "there weren't riots" for the iPad 2, iPad 3 and iPhone 4S, but the products nevertheless sold well.

Expectations for Apple are rarely high enough, but this go round they do seem additionally dour.

At the time of publication, the author held no positions in any stocks mentioned.

This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.
At the time of publication, Fuchs had no positions in any of the stocks mentioned in this column.

Marek Fuchs was a stockbroker for Shearson Lehman Brothers and a money manager before becoming a journalist who wrote The New York Times' "County Lines" column for six years. He also did back-up beat coverage of The New York Knicks for the paper's Sports section for two seasons and covered other professional and collegiate sports. He has contributed frequently to many of the Times' other sections, including National, Metro, Escapes, Style, Real Estate, Arts & Leisure, Travel, Money & Business, Circuits and the Op-Ed Page.

For his "Business Press Maven" column on how business and finance are covered by the media, Fuchs was named best business journalist critic in the nation by the Talking Biz website at The University of North Carolina School of Journalism and Mass Communication. Fuchs is a frequent speaker on the business media, in venues ranging from National Public Radio to the annual conference of the Society of American Business Editors and Writers.

Fuchs appreciates your feedback; click here to send him an email.

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