Brutal Q3: tech stocks fall despite beats, average -3% reaction; TL20 down 19% month-to-date
TiernanRayTech · x · 2026-10-30
Two charts capture a brutal Q3 earnings season: most companies beat on both sales and EPS yet saw their stocks fall — Intel dropped 28% despite a beat, Alphabet fell 13% on a miss, Microsoft slipped 0.2% even after beating. Across 18 sample companies the average stock reaction was -3%, with YTD gains before reports averaging 70%.
The second chart shows the TL20 portfolio — up 433% since July 2022 inception vs. Nasdaq's 123% — has sharply reversed: -19% month-to-date and -20% since the October 7 rebalancing, underperforming the Nasdaq (-5%), S&P 500 (-0.6%), and even Ark Innovation ETF (-9%).
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