Bogeys, Positioning & Crowding

Market expectations and positioning

A stock beats earnings by a wide margin (across all metrics/KPIs), but the stock still goes down. How is that possible?

What about this: a stock beats earnings by a wide margin (including buy-side expectations/bogeys), yet it still goes down. What is usually happening in situations like this?

To understand this and how stocks are likely to react, we need to learn about market expectations (bogeys, buy-side consensus, sell-side consensus), positioning and crowding.