The Tell: Individual stocks are getting a much bigger-than-usual jolt out of earnings

The U.S. stock market is going through a historic period of quiescent trade, but individual stocks are liable to see a much bigger jolt than usual from quarterly results as fourth-quarter earnings season moves into full swing.

According to Goldman Sachs, earnings have been gaining in potency as a market-moving event for companies, even if those moves don’t translate to the broader market. Last quarter, the one-day move for a stock in the first session after it reported results was 4.3 times larger than its average trading day. That’s well above average: going back to 2000, the impact of earnings was a daily move just 2.6 times larger than average.

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