Post-earnings drift continuation

Bullish

Earnings beat + price still rising afterward + sector also supportive + options flow bullish. Classic PEAD.

PRIMARY SOURCE

Bernard-Thomas 1989

Ball-Brown 1968

Pan-Poteshman 2006

TYPICAL HORIZON

30-60 days

FACTORS USED

peadmomentumspilloveroptions

What it means

The company beat earnings expectations, the market responded with a sustained (not one-day) positive price reaction, the sector isn't dragging the ticker, and derivatives markets are also positioning bullishly. All four data sources confirm the same story.

Why it works

Bernard-Thomas 1989 post-earnings drift is one of the most replicable anomalies in finance — the top decile of earnings surprises earns ~8% excess return over the following 60 days. Pan-Poteshman 2006 options flow adds a cross-asset confirmation signal.

Watch out

The drift weakens for companies that beat but guide lower for the next quarter. Also, accelerated drift reversal happens if short interest builds rapidly post-beat (indicates smart money betting against the move).

Live matches

46 tickers firing right now

TickerCompanySectorChangeScore

XELXcel EnergyUtilities-0.88%79[29–95]BLKBlackRock Inc.Financial Services-1.65%78[28–95]RPDRapid7 Inc.Technology-2.95%75[25–95]EXELExelixis Inc.Healthcare-1.29%74[24–95]NVCRNovoCure LimitedHealthcare-2.36%73[23–95]INCYIncyte CorporationHealthcare-0.97%73[23–95]ASANAsana Inc.Technology-0.73%73[23–95]MTHMeritage HomesConsumer Cyclical-4.23%72[22–95]BBYBest Buy Co.Consumer Cyclical-3.90%70[20–95]AMGNAmgen Inc.Healthcare-1.95%70[20–95]BKRBaker HughesEnergy-2.64%69[19–95]ROKURoku Inc.Technology+0.20%69[19–95]NWSANews CorpCommunication Services+0.68%69[19–95]DGXQuest DiagnosticsHealthcare-0.19%68[18–95]SHWSherwin-WilliamsBasic Materials-1.89%68[18–95]REGNRegeneron PharmaceuticalsHealthcare-1.69%67[17–95]AMHAmerican Homes 4 RentReal Estate+0.12%66[16–95]CVSCVS Health CorporationHealthcare+0.00%66[16–95]KIMKimco RealtyReal Estate-0.66%66[16–95]CLHClean HarborsIndustrials-1.01%65[15–95]QSRRestaurant BrandsConsumer Cyclical+3.18%64[14–95]RRXRegal RexnordIndustrials-2.15%64[14–95]AVNTAvient CorporationBasic Materials-1.20%62[12–95]PWRQuanta ServicesIndustrials-2.21%62[12–95]SNOWSnowflake Inc.Technology-1.14%62[12–95]DXCMDexCom, Inc.Healthcare+0.38%61[11–95]PANWPalo Alto NetworksTechnology-2.84%61[11–95]TTEKTetra TechIndustrials-0.08%61[11–95]PVHPVH Corp.Consumer Cyclical-3.67%60[10–95]MORNMorningstar Inc.Financial Services+1.80%60[10–95]MANHManhattan AssociatesTechnology+2.53%59[9–95]ULTAUlta BeautyConsumer-2.41%59[9–95]ZGZillow GroupTechnology-2.32%59[9–95]GILGildan ActivewearConsumer Cyclical-2.34%58[8–95]USFDUS Foods HoldingConsumer Defensive+0.87%58[8–95]HWMHowmet AerospaceIndustrials-3.47%58[8–95]INSMInsmed IncorporatedHealthcare-4.27%58[8–95]CORCencora Inc.Healthcare-0.76%58[8–95]MELIMercadoLibre Inc.Consumer+0.70%57[7–95]IQVIQVIA HoldingsHealthcare+2.72%57[7–95]COFCapital One FinancialFinancial Services-3.74%57[7–95]BENFranklin ResourcesFinancial Services-0.03%57[7–95]NETCloudflare Inc.Technology-4.44%56[6–95]APDAir Products & ChemicalsBasic Materials-0.95%55[5–95]DLRDigital Realty TrustReal Estate+1.01%53[5–95]IRMIron MountainReal Estate+0.70%52[5–95]

Disclaimer. Pattern matches are research signals, not investment advice. Past performance of an academic effect does not guarantee future returns. Forward-return tracking for Framler's own implementation begins 2026-05-16 after the calibration window closes.