Backtest
The backtest results indicate that FIZZ experienced negative returns immediately after earnings misses, with a 0% win rate at 3 and 10 days and partial recovery by 30 days. This contrasts with the broader Beverages Industry, where earnings misses showed no significant impact on stock performance. The immediate adverse reaction for FIZZ suggests company-specific sensitivity to earnings misses, while the industry remains largely unaffected. Investors should be cautious with FIZZ in the short term but may watch for recovery, whereas earnings misses in the Beverages Industry alone are not strong trading signals.