Stocks168,
IN very simple terms and not covering all aspects but i will have a go at helping you out..
It is often not so much as what the report has to say, but actually how it compares to anaylsts expectations. Shares will trade in anticipation of the report. ie, If analysts expect the report to be worse than the companies previous guidance, than the current day share price will reflect those expectations, AND when the report is released and the report is Bad, BUT not as as bad as what was expected, then the share price will go up, as the SP was previously trading on a worse than expected earnings profit.
Hope this helps somewhat, just remember the that Shares trade on what they will earn tomorrow, not what they are earning today.
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