Price reactions imply even bigger beats, or perhaps raises to estimates, were expected. Stocks largely reacted negatively to better-than-anticipated 4Q results, and not just because financials ran too far too fast. IBM and Intel beat EPS views, but their stocks declined almost 10%. Netflix missed EPS estimates, but its stock advanced about 15% on reactions to guidance. All eight S&P 500 sectors that reported better-than-expected EPS recorded a negative price reaction. There were similarities in styles too, with value-stock EPS upside greeted by an excess share-price decline of more than 3% vs. growth beats at close to 2%. Netflix recorded the most extreme positive price reaction last week. IBM's was the most negative. #stocktalk