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The backtest results for CPHC earnings beats and misses lack sufficient data, preventing any clear conclusions about the stock’s reaction to these events. Similarly, the broader Hotels, Restaurants & Leisure Industry shows negligible price impact from earnings beats or misses. This suggests that earnings announcements may not reliably influence stock returns in this context. Consequently, investors should exercise caution and avoid over-reliance on earnings surprises alone when making investment decisions, as other factors may drive performance more significantly.