Investors seem unimpressed by this earnings season's results. The reporting period is about halfway through, and results have generally been stronger than expected. Of the more than 250 S & P 500 companies that have reported, about 81% have reported positive surprises, according to FactSet data. However, individual stocks are struggling to perform following a quarterly beat, an "unusual" move, according to Deutsche Bank's Binky Chadha.
" Companies that miss expectations have been more severely punished, too. Those names have lagged the broader market by 1.9 percentage points. That's more than the historical norm of 1.6 percentage points. Meanwhile, the S & P 500 is higher by roughly 1.6% at the midway point of earnings season, which is above the 1.1% advance typically made through this time, the strategist said. Stocks are usually higher by 2% on average by the end of the full earnings season.