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

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The market is rewarding positive earnings surprises less than average and punishing negative surprises more than usual, according to FactSet.

Companies with disappointing quarterly results are getting punished more than usual this earnings season. 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. That's compared to the five-year average price decrease of 2.3% during this same window for companies that disappointed.

mountain DXCM 5-day chart Those that delivered stellar results didn't necessarily see a pop in their stocks. For example, JPMorgan Chase shares dipped 1% on July 12 even after the bank's profit and revenue topped expectations as investment banking fees surged 52% from a year earlier. "So far this earnings season, the results for many large bellwether companies have been better than the stock reactions," John Belton, portfolio manager at Gabelli Funds, said in an email.

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