Infosys results is a feast day for bears nearly every time

Riken Mehta moneycontrol.com

Bears have profited from Infosys  results on more occasions than bulls, at least on the day of the earnings announcement. As the table below shows, in the past 11 quarters, Infosys shares have closed in the red nine times, shedding between 3-12 percent. 

Bulls have not done too well, even over a longer time frame. In the last 23 quarters, they have managed to trump the bears only on seven occasions.

The weakness in the stock on results day does not every time have to do with missing earnings guidance. Even when the company has managed to meet or better market expectations, unwinding of speculative positions built in anticipation of good numbers has led to pressure on the stock.

Results Date	Close	Change	% Chg
11-Oct-07	1,976.85	-148.2	-6.97
11-Jan-08	1,581.75	-20.8	-1.3
15-Apr-08	1,510.40	88.5	6.22
11-Jul-08	1,676.85	-128.4	-7.11
10-Oct-08	1,225.20	-29.05	-2.32
13-Jan-09	1,228.15	68.45	5.9
15-Apr-09	1,370.60	-38.7	-2.75
10-Jul-09	1,721.15	43.6	2.6
9-Oct-09	2,177.60	-33.2	-1.5
12-Jan-10	2,586.95	97.3	3.91
13-Apr-10	2,781.90	98.8	3.68
13-Jul-10	2,796.75	-99.15	-3.42
15-Oct-10	3,076.30	-108.95	-3.42
13-Jan-11	3,205.20	-172.1	-5.1
15-Apr-11	2,989.50	-316.7	-9.58
12-Jul-11	2,791.55	-129.6	-4.44
12-Oct-11	2,679.35	174.8	6.98
12-Jan-12	2,588.25	-238.35	-8.43
13-Apr-12	2,402.55	-348.1	-12.66
12-Jul-12	2,264.40	-206.6	-8.36
12-Oct-12	2,395.35	-137.85	-5.44
11-Jan-13	2,712.10	389.8	16.79