Investors are punishing stocks that miss earnings more than normal this season

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Key Points

  • Second-quarter earnings misses have resulted in an average 3.8% decline for a stock from two days before the quarterly release through the two days after the report comes out, according to FactSet.
  • The strong tech-led rally this year has shown some signs of broadening out to small-cap shares and cyclical names as investors rotated out of winning megacap names. 

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