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The current earnings season is nearing a conclusion. Although many companies missed on top line estimates, equities continue to climb higher. The Dow Jones Industrial Average and S&P 500 are currently enjoying a four-day winning streak.
In total, more than 2,000 companies have released their quarterly financial results. According to Bespoke Investment Group, a money management and research firm, the average one-day change for these stocks on their report days was 0.51 percent. When companies reported after the closing bell, the following trading day’s performance was counted. The results were even stronger for S&P 500 companies, which experienced a one-day average jump of 1.01 percent after an earnings release.
Even though the general trend has been for stocks to trade higher, this earnings season is proving to be make or break for several companies. As shown below, Bespoke compiled a list of the worst movers in the S&P 500 this earnings season, along with their respective one-day percentage move.
Netflix (NASDAQ:NFLX) -25.0 percent
Chipotle Mexican Grill (NYSE:CMG) -21.5 percent
International Game Technology (NYSE:IGT) -20.0 percent
Coach (NYSE:COH) -18.6 percent
Sealed Air (NYSE:SEE) -16.8 percent
Netflix was the worst performer, after providing one of the greatest head fakes in recent memory via an upbeat Facebook (NASDAQ:FB) post about 1 billion viewing hours in June. The media company announced a 91 percent drop in net income to $6.2 million, compared to $68.2 million a year earlier. Interestingly, the top four worst performers are located in the consumer discretionary sector.
Investor Insight: Facebook: Fake Out?
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