A company can report record profits and still crash 10% in a day — because the market doesn't trade the number, it trades the surprise vs expectations. AMD jumped 11% on a clean beat with strong guidance, while others fell on good numbers with weak outlooks. I wrote a guide on how earnings surprises actually move stocks: https://zimbuck.com/blogs/1656/What-Is-an-Earnings-Surprise-Why-Stocks-Jump-or-Crash
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