Not all companies have fared this well after releasing their quarterly reports, however. For example, Astec Industries — a company that makes machines for asphalt road building — fell 26% after reporting earnings, the worst reaction to quarterly results from any company that has reported so far.
Shoemaker Sketchers U.S.A. also dropped 10.4% on the back of its earnings report, while Canadian cannabis company Aphria plunged nearly 15% on the back of its results. Bank of New York Mellon, meanwhile, fell 9.5%.
More than a third of S&P 500 companies have reported calendar first-quarter earnings so far, with most of them topping analyst expectations. Investors anxiously awaited this corporate earnings season as they worried that profits could contract on a year-over-year basis.
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