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"Look for $x" refers to an expectation of an earnings number usually. For example from :
"Analysts, on average, expected 23 cents, according to Reuters Estimates."

Meanwhile, "missed by $y" refers to a difference between the expected value and the actual result. To use the company mentioned in that article taking something from :
"Resources Connection (RECN - commentary - Cramer's Take) gained in after-hours trading Wednesday after the Costa Mesa, Calif.-based financial consulting company posted a boost in first-quarter revenue. The company posted earnings of $11 million, or 22 cents a share, compared with $15.1 million, or 29 cents a share, a year ago. Excluding items, the company earned $15.1 million, or 30 cents a share. Revenue increased 10.4% to $165.1 million. Analysts polled by Thomson First Call were looking for the company to earn 24 cents a share and revenue of $165 million. Shares were trading up $1.06, or 4.46%, to $24.81."

Note that the company posted 22 cents a share but the expectation was 24 cents a share.

That explain it or is there something unclear there?

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