While some high profile stocks like Google (GOOG) and Netflix (NFLX) soared on earnings this week, the overall performance of companies that have reported this season has not been great (see our Bespoke Report newsletter this week for more info). For those interested, below we list the stocks that have had the most positive reactions to earnings thus far. (For companies that report before the open, we use that day’s change. For companies that report after the close, we use the next day’s change.)
As shown, Amira Nature Foods (ANFI) has had the best response so far this season with a one-day gain of 19.60%! Netflix (NFLX) ranks second with a gain of 18%, followed by Campus Crest (CCG) at +17.89%. Other key names on the list of earnings season winners include Google (GOOG), Citigroup (C), Bank of America (BAC), eBay (EBAY) and Philip Morris International (PM).
With huge gains from Google and Netflix this week, plus nice moves from names like Facebook and Amazon, the Nasdaq Internet Index has finally broken out of its 18-month sideways range. Remember, back in 2013, the Internet group was rallying inline with Biotech. But in 2014, Biotech continued to surge while Internet trended sideways. As shown below, this week’s pop on the back of Google and Netflix earnings has caused a breakout to new highs for the Internet index. Is a new leg higher at hand?