With 71% of US companies beating earnings estimates this reporting period, a mediocre earnings report just hasn't cut it. As shown below, the average stock that has beaten earnings estimates this season has gained 2.65% on the first trading day following the release of its report. Companies that have missed estimates have averaged a one-day decline of 2.46%. While companies that report inline earnings usually don't see their shares hit too hard, this quarter they've averaged a decline of 1.90%. With so many companies beating estimates, an inline report is essentially being treated as a miss.