Three companies that reported second-quarter earnings on Wednesday — Moderna before the bell, and Intel and Snap after the close — got harshly punished by the markets.
Why it matters: The better the stock market broadly is doing, the more individual companies tend to fall on bad news.
Judging by Wednesday's market action, the current size of the air pocket is just over 20%.
Driving the news: Moderna was expected to sell $4 billion of drugs this year. On Wednesday, it changed that guidance. It now expects to sell less than $3.5 billion and possibly as low as $3 billion.
Snap's fall was also blamed on weak guidance, although the new figures were largely in line with the old ones.
Intel said it would scrap its dividend in the fourth quarter and lay off 15% of its workforce.
The bottom line: In today's market, stocks can be presumed to be outperforming only until their next earnings report.