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What does Nvidia do in the 60 days after earnings? Nvidia reports tomorrow, Wednesday August 26, after the close. The opening chart is NVDA in the sixty trading days after its last report (May 20, 2026), against the S&P 500. One path proves nothing. The rest is the research. Bernard and Thomas (1989), NYSE and AMEX stocks 1974-1986: ranked by standardized earnings surprise, the top decile gained about 2% more than same-size stocks over the next 60 trading days, the bottom decile lost about 2%, and the gap was positive in 41 of 48 quarters. Martineau (2022), 312,462 announcements 1984-2019, surprise measured against the analyst consensus: for stocks above the NYSE 20th size percentile (97% of market value), the surprise has not predicted a drift from day 2 to day 60 since 2006 (coefficients −0.001, 0.000, −0.002 per surprise decile), while the day 0-1 response rose from 0.002 to 0.012 per decile. Prices at the close of day 1 are close to unbiased for the 60-day horizon. Limitations: 1989 returns are before trading costs. Martineau uses analyst-forecast surprises; with year-over-year surprises, microcaps still show a few days of drift. The curves in the video are schematic, only the numbers are from the papers. Two papers accepted in 2025 report the drift alive; a 2026 note finds it only in microcaps.  Descriptive, not investment advice. Data: NVDA daily closes from Stooq, S&P 500 from FRED (S&P Dow Jones Indices). Nvidia Q1 FY2027 results, May 20, 2026: investor.nvidia.com/news/…/default.aspx Bernard, V. L., & Thomas, J. K. (1989). Post-earnings-announcement drift: Delayed price response or risk premium? Journal of Accounting Research, 27 (Supplement), 1–36. doi.org/10.2307/2491062 Martineau, C. (2022). Rest in peace post-earnings announcement drift. Critical Finance Review, 11(3–4), 613–646. doi.org/10.1561/104.00000122 Hou, K., Xue, C., & Zhang, L. (2020). Replicating anomalies. Review of Financial Studies, 33(5), 2019–2133. #finance #quant #trading #algotrading #stocks
What does Nvidia do in the 60 days after earnings? Nvidia reports tomorrow, Wednesday August 26, after the close. The opening chart is NVDA in the sixty trading days after its last report (May 20, 2026), against the S&P 500. One path proves nothing. The rest is the research. Bernard and Thomas (1989), NYSE and AMEX stocks 1974-1986: ranked by standardized earnings surprise, the top decile gained about 2% more than same-size stocks over the next 60 trading days, the bottom decile lost about 2%, and the gap was positive in 41 of 48 quarters. Martineau (2022), 312,462 announcements 1984-2019, surprise measured against the analyst consensus: for stocks above the NYSE 20th size percentile (97% of market value), the surprise has not predicted a drift from day 2 to day 60 since 2006 (coefficients −0.001, 0.000, −0.002 per surprise decile), while the day 0-1 response rose from 0.002 to 0.012 per decile. Prices at the close of day 1 are close to unbiased for the 60-day horizon. Limitations: 1989 returns are before trading costs. Martineau uses analyst-forecast surprises; with year-over-year surprises, microcaps still show a few days of drift. The curves in the video are schematic, only the numbers are from the papers. Two papers accepted in 2025 report the drift alive; a 2026 note finds it only in microcaps. Descriptive, not investment advice. Data: NVDA daily closes from Stooq, S&P 500 from FRED (S&P Dow Jones Indices). Nvidia Q1 FY2027 results, May 20, 2026: investor.nvidia.com/news/…/default.aspx Bernard, V. L., & Thomas, J. K. (1989). Post-earnings-announcement drift: Delayed price response or risk premium? Journal of Accounting Research, 27 (Supplement), 1–36. doi.org/10.2307/2491062 Martineau, C. (2022). Rest in peace post-earnings announcement drift. Critical Finance Review, 11(3–4), 613–646. doi.org/10.1561/104.00000122 Hou, K., Xue, C., & Zhang, L. (2020). Replicating anomalies. Review of Financial Studies, 33(5), 2019–2133. #finance #quant #trading #algotrading #stocks

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