The backtest results show that JNJ's earnings beats generate a moderate positive price reaction, with win rates above 60% in the short term (3 and 10 days) but a decline to 46.15% over 30 days. The average returns are modest, peaking within the first few days after the event. This pattern suggests that the market reacts quickly and somewhat favorably to positive earnings surprises, but the effect tends to dissipate over a month. Investors might consider short-term exposure to capitalize on this early momentum following JNJ's earnings surprises.

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The backtest results reveal that when the Pharmaceuticals Industry beats earnings expectations, the average maximum return over nearly three years is slightly negative at -0.22%, typically occurring one day after the event. This suggests that despite the positive earnings surprises, the industry does not experience a meaningful immediate price uplift post-event. Consequently, investors should be cautious in anticipating short-term gains solely based on earnings beats in this sector, as the backtest indicates limited market enthusiasm or other overriding influences.

Backtest JNJ Earnings Beats Expectations

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