Earnings announcements are obviously a big deal. But they seem to be a bigger news event for some companies than others.
I looked at bellwether financials and was surprised at the consistent and huge jumps in news coverage for JPMorgan when the company reported.
While most companies garner more coverage during earnings, the increase for JPM was four to five times its average, much larger than for Goldman or Morgan Stanley.
Earnings announcements explained virtually every major spike in the volume of weekly coverage for JPM over five years.
It might be because JPM is much larger. But two companies that are closer in size, Citigroup and Bank of America, don’t show the same consistency. Large tech companies like Apple, Facebook, and Google also show more variability.
The only company with a similar (and even more extreme) pattern of news coverage is Berkshire, which gets almost no coverage day to day and then rockets when it reports.