As a general principle, a bet on publicly traded companies that miss quarterly earnings and sales targets typically doesn't perform well after disclosure. However, some oddities exist, including utility giant PG&E Corp (NYSE:PCG). Although the entity technically failed to meet expectations, PCG stock has been a hot commodity, swinging higher following the results. While some traders may be reluctant to buy into strength, there could be an empirical case for sustained near-term bullishness.
On paper, circumstances don't necessarily look auspicious. On July 31, PG&E posted earnings per share of 31 cents for the second quarter, missing the consensus estimate of 36 cents. In the year-ago quarter, the company also reported earnings of 31 cents per share. Circumstances didn't improve on the top line, with the utility generating $5.90 billion. This too missed the consensus target, which stood at $6.37 billion. Last year, the company rang up revenue of $5.99 billion.
