Earnings season is the heartbeat of the market, and every day brings fresh signals about where money is flowing.
With each report, we learn not just how companies are performing, but how investors are reacting.
In the Daily Beat, we spotlight the most important S&P 500 earnings moves from the prior session: the winners, the losers, and the reactions that reveal what really matters to the market right now.
Whether itโs a bellwether with broad economic implications or a niche name making waves, we cut through the noise to focus on the setups that matter most.
Here are the top beats from the S&P 500 ๐
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At the top of Wednesday's list was the $96B computer hardware stock, Seagate Technology $STX. Following a big double beat, shareholders were rewarded with a +5.04 reaction score.
In the report, STX posted revenues of $2.83B, above the expected $2.74B, and earnings per share were $3.11, above the expected $2.84.
We also saw a sweet miss/miss/pop from the $196B semiconductor stock, Texas Instruments $TXN.
Here are the bottom beats from the S&P 500 ๐
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At the bottom of Wednesday's list was the $178B electronic components stock, Amphenol $APH. After beating headline expectations across the board, shareholders suffered a -6.70 reaction score.
APH reported revenues of $6.44B, above the expected $6.19B, and earnings per share of $0.97, beating the expected $0.93.
In addition, we saw a handful of other beat/beat/drops.
Let's talk about what else happened ๐
STX ripped to a new all-time high following a big double beat๐ฅ
Seagate Technology had a +19.1% post-earnings reaction, and here's what happened:
Revenues surged to a new all-time high, growing 22% year-over-year.
In addition to the blockbuster earnings report, the management team issued strong revenue forward guidance.
This company is firing on all cylinders, and we believe it's one of the most underrated AI stocks in the S&P 500.
And the market agrees with this take right now. The stock has now had back-to-back +19% earnings reactions, and it's continuing to print fresh all-time highs.
Until the technicals or fundamentals crack, we expect STX to continue outperforming for the foreseeable future.
APH had its worst earnings reaction of the 21st century๐ป
Ampehnol had a -12.2% post-earnings reaction, and here's what happened:
Revenues reached a new all-time high, growing 49% year-over-year.
Even more impressive, earnings per share grew by 76% year-over-year as the company increased margins.
As the cherry on top, the management team expects its insane growth to continue in 2026.
Everything about this earnings report was incredible, yet the market showed no interest. It was the nastiest beat/beat/drop we've seen this earnings season.
What's Mr. Market telling us?
We believe expectations were too high.
Since bottoming in April 2025, the stock has been in a relentless uptrend. We think it's time for an extended period of consolidation.
With the negative shift in earnings sentiment, we now have a neutral bias toward APH.
Thank you for reading.
-The Beat Team
P.S. Steve Strazza is going live TODAY at 2 am ET to unveil his new Beat Report research.
This has been under development for years, and you don't want to miss out on it.
