Via UBS:
More beats than misses and guidance was also better than expected
Reporting season is now over. Reporting season was better than we expected, with a number of stocks showing a surprising resilience to COVID-19. Resilience in revenues and/or margins was seen in stocks exposed to Consumer Staples, Building Materials, Discretionary Retail, Gaming, General Industrials and Insurance. Market reactions to results, particularly guidance beats (Figure 9), were very positive; the median stock rose 0.7% after reporting, the best reaction to results in at least five years (Figure 1).