market-expectations
The Earnings Playbook Trades the Gap, Not the Result
When Alphabet ($GOOGL), Microsoft ($MSFT), and Amazon ($AMZN) release numbers in one week, the earnings playbook treats each result as its own story with its own theme and catalyst. Advertising revenue, cloud growth, and retail numbers each gets a slot, a catalyst, and a reason to move the tape. The week re-prices the gap between…