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 itβs 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 π
*Click the image to enlarge it
At the top of Wednesday's list was Seagate Technology $STX, a $56B computer hardware stock. The company reported better-than-expected headline results, and the market rewarded shareholders with a +6.20 reaction score.
In the report, they posted revenues of $2.63B, above the expected $2.55B, and earnings per share were $2.61, above the expected $2.40.
Coming in second place was the global industrial bellwether, Caterpillar $CAT. They delivered a double beat and had a reaction score of +5.68.
Revenues came in at $17.64B, well ahead of the expected $16.77B, and earnings per share of $4.95, above the expected $4.53.
Here are the bottom beats from the S&P 500 π
At the bottom of Wednesday's list was the $38B provider of financial technology and payment processing solutions for banks, credit unions, and merchants, Fiserv $FI. The company missed expectations across the board and suffered a -11.87 reaction score.
They reported revenues of $4.92B, missing the expected $5.35, and earnings per share of $2.04, below the expected $2.64.
Second from the bottom was the $29B consulting services stock, Verisk Analytics $VRSK. The company posted mixed headline results and suffered a -7.33 reaction score..
Revenues came in slightly below expectations, and earnings per share were a slight beat.
Now let's dive into the fundamentals and technicals π
CAT had its best earnings reaction of the 21st century π₯
Caterpillar had a +11.6% post-earnings reaction, and here's what happened:
The company posted record sales numbers, up 10% year-over-year. Additionally, their backlog reached a record $39.8B, growing $11.2B year-over-year.
Profits fell slightly year-over-year because of a $500M tariff-related hit.
In addition to the excellent report, the management team raised its forward revenue guidance because of the strong backlog.
This was a really impressive earnings report from one of the most important stocks in the world, and the earnings reaction couldn't have been stronger. It was the best we've seen this century!
Since the April low, the stock has more than doubled, and the upside momentum is accelerating. As you can see, there are about 80 points of upside left toward the next key Fibonacci extension level.
With CAT trading at fresh all-time highs, the path of least resistance is decisively higher for the foreseeable future.
FI had its worst earnings reaction ever π»
Fiserv had a -44% post-earnings reaction, and here's what happened:
The new leadership team launched the "One Fiserv" action plan, which is focused on driving new recurring revenues enabled by AI.
Earnings per share cratered 11% year-over-year, driven by compressed profit margins.
Driving the selling pressure was the management team's forward guidance, which lowered its 2026 expectations.
This was one of the worst earnings reactions we've seen all year, and based on the chart, things could get much worse.
The price is hanging on for dear life at a key shelf of former lows. A break below this level would mark the resolution of a massive top and lead to a fresh leg lower.
It's clear the market hates what this company is doing with AI, and there needs to be a significant fundamental change for this stock to survive.
If and when FI closes below 69, the long-term path of least resistance will shift from sideways to lower for the foreseeable future.
Stay safe out there
-The Beat Team
P.S. The Federal Reserve met yesterday, and Jason Perz, Sam Gatlin, and Spencer Israel went LIVE to talk about it on Stock Market TV.
