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As earnings season ramps up, today we took look at how stocks have historically reacted to earnings reports from a seasonal perspective.  The chart below shows the average one-day stock price reaction to earnings reports by month over the last 20 years.  This data comes from our Earnings Explorer database that includes one-day share price reactions of more than 150,000 individual quarterly earnings reports dating back to 2001.  As shown below, the average company that has reported quarterly earnings in the month of April has gained 34.2 basis points (+0.34%) on its earnings reaction day.  That makes April the most bullish month for stocks reporting earnings.  Conversely, August and September have been the two worst months to report earnings.  Stocks that have historically reported quarterly numbers in August have averaged a one-day decline of 34.2 basis points (-0.34%) on their earnings reaction days.  Stocks reporting in September have averaged an even bigger decline on their earnings reaction days (-0.41%).  (For companies that report earnings in the morning before the open, its earnings reaction day is that same trading day.  For companies that report earnings in the evening after the close, its earnings reaction day is the next trading day.)

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