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We track the one-day performance of every stock that reports earnings throughout earnings season. This earnings season, the average stock that reported went down 0.96% on its report day. (For companies that report in the morning, we use that day's change. For companies that report after the close, we use the next day's change.) As shown below, not even during the '08 bear market did stocks do so poorly on their report days.

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Source: Worst Earnings Season in at Least a Decade for Stocks