Click on the table below and you'll see the quarterly earnings reports for Bank of America (BAC) since the fourth quarter of 2001. The stock is trading down more than $1.50 in the pre-market, and if it opens where it is currently trading, it will be the largest down gap the stock has seen on an earnings report (since '01).
As shown in the table, BAC has beaten estimates in all but one quarter in the last 24, so investors have come to expect a "beat" from the company. Because of these high expectations, one would expect the stock to trade down sharply on a "miss."
From our Interactive Earnings Database, we found that the stock has gapped down 9 other times following a quarterly report, and on average it has gone down another 6 bps from the open to the close.
But today's down gap is more than double any of the previous ones, so comparisons are difficult to make.