Stats › Actions individuelles › Friday earnings
Companies that report on a Friday are hiding something, and the market half misses it
Share of earnings announcements carrying a negative surprise, by day of week. The unconditional two-day announcement return is plus 0.13% on non-Fridays and minus 0.38% on Fridays, a 51 basis point gap that needs no fundamental data at all to measure.
Friday earnings announcements carry a negative surprise 40% of the time against 27% on other weekdays. The immediate market reaction is 19% smaller and the delayed drift is 69% larger, which is what inattention looks like.
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