Through today, the average stock that has reported earnings this season (roughly 1,700 companies) has averaged a one-day gain of 0.77% on its report day. (For companies that report after the close, we use the next day's change.) Below is a chart showing this average report-day performance for stocks during each earnings season over the last 10 years. The average one-day performance for all quarters going back 10 years has been +0.12%, so this season's 0.77% gain has been very strong compared to the average.
Unless we see significant earnings weakness over the next two weeks, this season will make it four quarters in a row in which stocks averaged gains on their report days during earnings season. The last time we went four earnings seasons in a row with positive returns was in late 2005, but the gains have been much better during this four-quarter period than they were back then. Stocks have had a remarkable run on earnings over the last 12 months. At some point there's going to be a reversal. The next earnings season starts in July.
Every day we track all of the stocks that have reported that morning and the prior evening. From our database, below is a list of the stocks that have had the most positive one-day reactions on their report days this season. As shown, Global Geophysical (GGS) ranks first with a huge one-day gain of 74.77% on April 25. Neutral Tandem (IQNT) ranks second best with a gain of 52.01%, followed by YRC Worldwide (YRCW), Noranda Aluminum (NOR), and Build-A-Bear Workshop (BBW). Only two S&P 500 companies have gained more than 15% on their report days this season: Netflix (NFLX) and Akamai (AKAM).
While most stocks have gained on their report days this season, there have definitely been some losers as well. Two stocks have seen declines of more than 37% on their report days: Vocera (VCRA) and Vocus (VOCS). ZAGG (ZAGG) has been the third worst with a one-day decline of 27.33%, followed closely by Acacia Research (ACTG). Edwards Lifesciences (EW), Pitney Bowes (PBI), Safeway (SWY), Textron (TXT), and Allergan (AGN) are the S&P 500 names on the list of earnings season losers.