Yesterday we noted that companies raising guidance have far outnumbered companies lowering guidance this earnings season. After today the spread has widened out even more.
As shown below, 28 companies that reported last night after the close and this morning before the open raised guidance. This is the highest total in one day that we can remember. And all but 5 of the 28 companies are trading higher on the day, with iRobot (NASDAQ:IRBT) leading the way with a gain of 31.6%. Kadant (NYSE:KAI), Baidu.com (NASDAQ:BIDU), Borg Warner (NYSE:BWA), and FMC Technologies (NYSE:FTI) are all trading up more than 10% on earnings today as well.