The corporate earnings season is in full swing and Twitter so far is its biggest winner, according to data compiled by Bespoke Investment Group.
Bespoke found that Twitter has had the most positive reaction to earnings out of all the other companies that have reported. The stock surged 15.6% on April 23 after the social media company reported better-than-expected earnings.
Other companies that have had strong reactions to their earnings reports are Hasbro, Adtran and ManpowerGroup. Hasbro shares rallied 14.2%, while Adtran and ManpowerGroup surged 14% and 11.6%, respectively.
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.