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Earnings season got off to a bad start with big disappointments from tech giants like IBM, Intel and Google. As earnings season has progressed, however, companies have been reacting more positively to their reports. Below is a look at the average one-day percentage change for all US companies on their report days over each earnings season since 2002. For companies that report in the morning before the open, we use that day's change. For companies that report after the close, we use the next day's change.

As shown, the average stock that has reported this season has gained an average of 0.27% on its report day. Not bad for what many were calling the worst earnings season ever just a couple weeks ago.

(click to enlarge)

Source: Companies Averaging Gains On Report Days