The last three days have been awful for earnings. The percentage of companies beating earnings estimates has been just 53% over the last three days, dropping the overall beat rate for all of earnings season down to 61%.
Also, through Tuesday, the average stock had gained 0.36% on its report day this earnings season. Over the last three days, the average stock that has reported has declined 1.87%, dropping the overall average one-day change to -0.27% for the entire season. Ouch.
For those interested, below is a list of the stocks that have performed the best and worst on their report days this season. You might think that no stock could top Green Mountain's (NASDAQ:GMCR) 47.76% decline following its report, but Mitek (NASDAQ:MITK) actually has it beat with a decline of 56.23% on the same day.