RE:Now for some further thought. It has been researched by Daredevil1964 wrote: Financial institutions that a stock price will decline prior to an earnings beat. The institutions will short the stock down knowing that there is a potential earnings surprise. 90% of the time an earnings beat or potential of an earnings beat will be driven down prior to release. Then the ER comes out and if it is a beat the Institutions will sell on the news release because of the gap up open in pre trading. If the ER has some bite the institutions during the day will buy into the beat of earnings raising the share price while the initial institutions who originally shorted sell on the gap up. Remember if CIBC buys 2 million shares at 7 CAD, and the earnings beat has a gap up open of 1 dollar, the bank just made 2 million dollars in a day or 2. It is how the game is played.
also remember the 9M share re-allocation done AH a few days ago. I am sure this plays into it somehow. It was an unusual event.