Stocks are moving more on earnings than normal, with Enphase Energy the latest example

If earnings season is creating a bit of whiplash for you this quarter, you're not alone. Third-quarter reports have already sparked some major stock moves just a few weeks into the period. Last Wednesday, United Airlines surged more than 12% after a strong third-quarter report and forecast. On Tuesday of last week, chipmaker ASML fell 16% after releasing disappointing results , dragging other semiconductor stocks down with it.

mountain Shares of Enphase Energy were down sharply Wednesday. The trend of earnings reports preceding big moves in stocks appears to be carrying over from last quarter. John Marshall of Goldman Sachs' derivatives research team said in a note to clients that the second-quarter reporting season was abnormally dramatic. "Last quarter, 12% of S & P 500 stocks moved more than +/-10% on their earnings day.

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