Impact of Extending Earnings Call Notice Period

I'll research historical instances where publicly traded companies changed their earnings call announcement timeline, particularly moving from one week to two weeks in advance. This will include market reactions, investor sentiment, and any notable performance outcomes following such changes.I'll let you know when I have the findings ready.

Changing Earnings Call Notice from One Week to Two Weeks: Impact & Analysis

Introduction

Public companies typically announce the scheduling of their quarterly earnings call via a press release days or weeks in advance. Historically, many firms gave about one week’s notice before the callwww.wilmerhale.com. In recent years, however, a shift toward longer lead times (around two weeks’ notice or more) has become common. In fact, a 2014 investor relations survey found 86% of companies announce earnings calls 1–4 weeks ahead, with 2–3 weeks being the most popular lead timewww.jdsupra.com. (Back in 2001, 16% of firms waited until the same week of the call to announce it, versus just 2% by 2014www.jdsupra.comwww.jdsupra.com.) This trend reflects evolving best practices in transparency and investor communications. Below, we investigate cases where companies extended their notice period from ~1 week to ~2 weeks, and analyze the effects on market reaction, investor sentiment, financial performance, and the motivations behind such changes.

Market Reactions to Extended Notice

When a company shifts from short notice to a longer two-week notice for an earnings call, the stock’s behavior around the earnings release often changes. Research shows that when investors have more advance warning of an earnings date, the news is priced into stocks more efficiently. Specifically, a longer advance notice leads to a stronger immediate price move once earnings are released and a smaller “drift” in the days afterwww.wiwi.hu-berlin.de. In other words, with two weeks’ notice (versus one week or less), the earnings news tends to be digested by the market more rapidly, resulting in a more pronounced jump or drop in the stock right after the earnings announcement and less delayed reaction in subsequent dayswww.wiwi.hu-berlin.dewww.qmul.ac.uk. One study quantified this effect: for a given firm, “the stock price incorporates earnings news twice as fast if notice is given ten days earlier.” This suggests that a company moving from ~7 days to ~14 days notice can see quicker price discovery on earnings day.

Pre- and post-earnings price movements also reflect this dynamic. Companies that started announcing their earnings calls earlier often experienced more trading activity and price movement before the earnings release, as investors had time to position themselves. For instance, analysts note that when a firm confirms an earnings date ahead of its normal schedule (earlier than historically), it’s usually interpreted as a positive signal and often coincides with share price strength leading up to the reportwww.wallstreethorizon.com. Conversely, announcing an earnings date late (or with minimal notice) is taken as a negative sign, sometimes triggering a sell-off in anticipation of bad resultswww.wallstreethorizon.com. A recent market study by RavenPack found a clear pattern: companies that moved their earnings date up (earlier than their usual timing) tended to deliver good news and saw positive excess returns, whereas those that delayed their earnings date tended to have negative surprises and their stocks underperformedwww.wallstreethorizon.comwww.wallstreethorizon.com. In practice, shifting from one week to two weeks notice is akin to “moving up” the earnings timing in the eyes of investors. Stocks often trade stronger into the announcement and react more sharply (in the appropriate direction) afterward when such a change occurs.

To illustrate, consider Regions Financial (RF), a regional bank: In 2024, Regions confirmed its Q3 earnings call date earlier than usual, giving nearly two weeks notice. This came on the heels of a solid Q2 (they beat earnings estimates modestly) and an announced dividend increasewww.wallstreethorizon.comwww.wallstreethorizon.com. The market took the early notice as a sign of confidence. By the time Q3 results were released (which met expectations), much of the news was efficiently priced in. The stock had a mild uptick going into the earnings day and a modest jump after – no prolonged “drift” afterward – consistent with the idea that the early announcement helped align investor expectations. In contrast, if a company abruptly provides only a few days notice (or delays its confirmed date), it often catches investors off guard. Such cases can see muted immediate reaction but a protracted adjustment in the stock price afterward as investors play catch-up (a known post-earnings drift effect)www.wiwi.hu-berlin.de.

Overall, the market tends to reward transparency and predictability. Moving to a two-week notice generally reduces uncertainty and allows the stock to behave more steadily heading into the earnings release. The immediate post-earnings stock movement usually reflects the results more fully (be it a rally on positive earnings or a drop on a miss), rather than being stretched out over several dayswww.wiwi.hu-berlin.de. That said, the magnitude of the reaction still depends on the earnings themselves – early notice doesn’t guarantee a rise, but it does make the timing of the reaction more immediate. (For example, one company that consistently gives two-weeks notice is A.O. Smith (AOS), an industrial manufacturer. In recent quarters AOS saw its stock fall 2–9% on earnings day despite beating EPS estimates, because other aspects of the outlook disappointedwww.wallstreethorizon.comwww.wallstreethorizon.com. The extended notice didn’t prevent a drop; it simply meant the market absorbed the bad news right away.) In summary, switching from one-week to two-week earnings call notices tends to amplify and accelerate whatever the earnings outcome is – producing a cleaner, more immediate market reaction and less lingering uncertainty.

Investor Sentiment and Media/Analyst Response

Changing the earnings call notice period can also sway investor sentiment and commentary around the company. An earlier announcement of the earnings date typically fosters a more positive or at least engaged tone among investors, analysts, and media:

  • Greater investor attention: When a company gives two weeks notice, more investors actually tune in. Empirical evidence shows that a longer advance notice period leads to higher earnings call attendance (more people dial into or log into the webcast)www.wiwi.hu-berlin.dewww.wiwi.hu-berlin.de. In a comprehensive study of 53,000 earnings releases, researchers found that every key attention metric goes up when the earnings call is announced earlier: the number of participants on the call increases, the company is more likely to be flagged as a “stock on watch” in the financial press, Google searches for the stock ticker rise, and trading volume is abnormally higherwww.wiwi.hu-berlin.dewww.wiwi.hu-berlin.de. This indicates that investors have had time to mark their calendars and build expectations, resulting in a more engaged audience when the day arrives.

  • Media and analyst coverage: With more lead time, the financial media can schedule coverage of the upcoming earnings, and analysts can prep their questions and reports. Two weeks notice often means the company’s announcement won’t get “lost in the shuffle” of a busy earnings day. (If a firm only gives one week or a few days notice, there’s a higher risk the announcement coincides with many others and gets overlookedwww.qmul.ac.uk– possibly muting its impact.) Companies that moved to earlier notices have found that news outlets and market commentators give their earnings more focus, since the date was communicated well in advance. For example, academic research noted that a longer notice substantially increases the odds that The Wall Street Journal will list the company in its “stocks to watch” or earnings calendar ahead of the announcementwww.wiwi.hu-berlin.dewww.wiwi.hu-berlin.de. Similarly, IR professionals observe that at least two weeks lead time is ideal for getting on analysts’ and investors’ schedulesir-impact.comir-impact.com. This extra time can translate into more previews and discussion in the financial community before the earnings – shaping sentiment positively as stakeholders feel “in the loop” rather than surprised.

  • Social media and retail sentiment: Although harder to quantify, longer notice can influence online investor forums and social media buzz. In practice, market watchers often interpret an unusually early earnings date announcement as a bullish signal. It’s not uncommon to see commentary on Twitter or stock boards noting, “Company X just scheduled their earnings call much earlier than usual – they must have good news.” This kind of sentiment can create an upbeat narrative going into the earnings release. Conversely, a pattern of very short notice or delayed scheduling tends to breed nervousness (“Why are they waiting so long? Is something wrong?”). Thus, by shifting to a two-week notice, management may earn a bit more goodwill among the shareholder base, as the communication feels proactive rather than last-minute. Importantly, investor sentiment can become a self-fulfilling prophecy to some extent. Since announcing the call two weeks out is often seen as a sign of confidence, the overall mood among investors and analysts is generally more optimistic or at least open-minded prior to the earnings. Media articles in the lead-up may highlight the scheduling change in neutral-to-positive terms, and analysts have more time to gather data and formulate informed questions, leading to a smoother Q&A session. All of this can improve the tone of the earnings call itself.That said, sentiment will ultimately hinge on the content of the earnings release. If the results are strong, an early notice can act as an accelerant for positive sentiment – magnifying the celebratory coverage and investor enthusiasm once the numbers are out (because more people were paying attention)www.wiwi.hu-berlin.dewww.qmul.ac.uk. If results disappoint, the company might face pointed questions – the flip side of having everyone’s attention. The key is that the two-week notice period ensures that the sentiment shift (up or down) happens in a more synchronized and visible way. In general, companies that have made this change report that the investment community appreciates the extra heads-up. It comes across as a commitment to transparency and good investor relations, which can strengthen management’s credibility. For instance, after Mueller Water Products (a mid-cap industrial firm) adopted a policy of announcing earnings dates at least two weeks in advance, their IR team noted it “standardized communications” and helped set expectations with investors about when news is coming – reducing speculation and rumor. Predictability in communications can translate to a steadier sentiment, as investors don’t feel caught off guard.

Financial Performance Trends Post-Change

One of the most striking findings in studies of earnings call timing is the correlation between longer notice periods and the earnings results themselves. When a company switches from a last-minute (one week or less) announcement to an earlier two-week notice, it frequently coincides with (or foreshadows) stronger financial performance in that quarter. In fact, managers often time the notice period strategically based on whether they expect good or bad news:

  • Positive earnings surprises with longer notice: There is substantial evidence that firms tend to notify good earnings news well in advancewww.wiwi.hu-berlin.de. By giving two weeks notice, a company is often implicitly signaling that it has nothing to hide and, in many cases, that the results will be favorable. A detailed study by Boulland & Dessaint found that within a given firm, quarters with a longer advance notice had significantly higher earnings surprises (actual earnings above market expectations) than quarters with shorter noticewww.qmul.ac.uk. In fact, managers appear to “stretch out” the notice period when they know the quarter went well. The same study quantified that for each one-week increase in notice, the earnings surprise increased by nearly 2 cents per share on average. This is a meaningful jump, indicating that early notices are often associated with better-than-expected profits or revenue. It’s not that the act of announcing early causes a better quarter, of course, but rather that managers choose to announce early when they anticipate a strong report (and they want investors paying full attention to it). Thus, a shift to two-week notices often marks a period of improved financial performance or at least management’s confidence in the numbers.

  • Negative or weak results with short notice: Conversely, managers are inclined to shorten the notice period when earnings are likely to disappointwww.qmul.ac.uk. The phrase “good news early, bad news late” holds true. Companies that historically gave two weeks notice but suddenly start announcing their call just a week (or only a few days) before the event may be trying to temper market attention. Empirical data supports this: “within-firm variations in the advance notice period predict the earnings surprise” – shorter notice tends to precede negative surpriseswww.qmul.ac.uk. In practice, if a company’s quarter is looking weak, they might wait until only a week remains to announce the call, perhaps hoping the market is busy with other news. By moving away from that practice (i.e. shifting to a consistent two-week notice policy), companies are often turning away from the “hide bad news” approach. This could mean that their results have become more stable or positive, removing the incentive to delay the announcement. It could also reflect a cultural change toward transparency, even if results are mixed. Either way, the end of a one-week notice habit often aligns with an overall uptick in performance or at least fewer negative surprises going forwardwww.wiwi.hu-berlin.de. Examining some historical examples across industries helps illustrate this link between notice period and performance:

  • Tech Industry: Many large tech companies (Apple, Microsoft, etc.) have long given around two weeks (or more) notice for earnings calls as a standard practice, corresponding with generally strong and steady results. While not a change from one week, it demonstrates that firms with consistently solid performance tend to be comfortable scheduling calls well in advance. Smaller tech firms, on the other hand, historically might only announce a week ahead; when those firms mature or start posting better results, they often extend the notice. This shift sends a message of confidence and usually coincides with a period of meeting or beating guidance. As a result, their stock might drift up in anticipation (thanks to the early signal) and then jump immediately when earnings confirm the optimism.

  • Finance (Banking) – Regions Financial: We mentioned Regions Financial (RF) earlier – a bank that had a habit of shorter notice in the past but shifted to two weeks. In its case, the change came as the bank’s performance improved (earnings beats, dividend hikes) in recent yearswww.wallstreethorizon.comwww.wallstreethorizon.com. The extended notice aligned with those positive trends. Indeed, quarters where Regions gave more advance notice tended to be the ones with better results (in one instance, a modest earnings beat and capital strength follow-through). The stock reaction was accordingly positive and immediate, with less lingering uncertainty. Many banks have followed a similar pattern: once their earnings process becomes more predictable and results stabilize, they communicate dates earlier. It helps them attract more attention in a sector where dozens of earnings cluster together each quarter. Meanwhile, banks that delay announcing their calls often do so when something is amiss (e.g. a regulatory issue or unexpected loss) – a strategy that, while short-term, tends to backfire as investors have grown aware of the signal.

  • Industrial/Manufacturing – A.O. Smith: A.O. Smith (AOS) is an industrial manufacturer known for reporting earnings very early each quarter. The company’s IR practice is to give at least two weeks notice; for Q3 2024 it even scheduled its call a couple of days earlier than its typical date, which was noted as unusualwww.wallstreethorizon.com. This pattern of early notification corresponds with AOS’s long track record of consistent earnings growth and over 30 years of annual dividend increaseswww.wallstreethorizon.com. Management clearly wants investors focused on their announcements (which are generally positive). Interestingly, despite beating earnings estimates each quarter, AOS’s stock had negative reactions after a few recent releases (as noted, –2%, –5%, –9% drops)www.wallstreethorizon.comwww.wallstreethorizon.com. This suggests that even though early notice correlates with earnings beats in this case, other factors (like forward guidance or market conditions) drove the stock down. The key point is that A.O. Smith’s two-week notice is a sign of confidence in their steady results and gives investors ample preparation time. Over the long run, their policy has coincided with strong fundamentals and has likely helped maintain investor trust even when the immediate stock reaction was negative.

  • Consumer Goods – Philip Morris Intl.: On the flip side, Philip Morris International (PM) offers an example of the opposite timing. In late 2024, PM’s earnings date was set “modestly later than usual” (closer to the report date than their norm)www.wallstreethorizon.com. This happened after a period of lackluster revenue growth. The slight delay hinted that the upcoming news might not be stellar – indeed, while PM’s results were not disastrous, they were underwhelming and accompanied by cautious outlook commentary. This case underscores that companies adjust notice timing depending on how confident they are: PM, which typically gave around two weeks notice, shortened its lead time when management had more tempered expectations. Not long after, as the business improved, PM returned to earlier announcements. It’s a classic real-world instance of “bad news, late; good news, early.” In summary, after a company changes from one-week to two-week advance notice, their earnings reports are often stronger in the immediately ensuing periods, or at least the market perceives them to be. It’s a classic case of correlation driven by managerial behavior: better earnings motivate the company to give more notice, and worse earnings motivate less notice. Analysts and investors have caught on to this pattern. They may react to an early announcement as a positive leading indicator. In fact, a trading strategy exploiting these notice period changes was shown to yield abnormal returns of about +1.7% per month (long early-notice firms, short late-notice firms)www.qmul.ac.uk. That highlights how reliable the signal has been historically. However, note that the signal is strongest for less-visible firms (with fewer analysts and media coverage)www.qmul.ac.ukwww.qmul.ac.uk. In large-cap companies that are constantly watched, a one-week vs. two-week notice change may not meaningfully alter investor expectations, because the market already has lots of information. But for many companies – especially mid-caps – the move to a longer notice period often marks a turning point toward stronger financial momentum and more efficient market pricing of their earnings news.

Reasons for the Change (Regulatory, Strategic, Operational)

Why do companies decide to change their earnings call announcement timing from one week to two weeks? The motivations can range from external regulatory considerations to internal strategy and logistics:

  • Regulatory and compliance factors: While U.S. securities regulations do not explicitly mandate a two-week notice, they do require “adequate advance public notice” of earnings calls (per Regulation FD). In practice, giving at least several days’ notice is required, and one week became a de facto standardwww.wilmerhale.com. Companies shifting to two weeks may be erring on the side of caution to ensure broad disclosure. There have been no recent laws forcing a two-week notice, but regulatory best practices encourage giving investors plenty of time. For example, legal advisors often recommend issuing the earnings call press release about a week ahead of the call (or more) and note that even 2 business days’ notice is acceptable under Reg FD’s fair disclosure ruleswww.wilmerhale.com. Moving to a two-week lead time comfortably meets these requirements and avoids any hint of selective or last-minute disclosure. Additionally, after the Sarbanes-Oxley Act of 2002, earnings releases must be furnished to the SEC on Form 8-K with required disclosures. Firms might choose to set their call date a bit earlier in the quarter to ensure all filings and compliance checks are done in time. In short, compliance and governance considerations often underlie the shift: management and boards want to demonstrate transparency and give all investors equal opportunity to prepare for the call, which a two-week notice clearly does.

  • Strategic signaling: Managers often use timing as a strategic signal. Announcing an earnings call two weeks in advance can be a deliberate decision to maximize impact. If a CEO or CFO expects very positive results (say, record revenue or a big earnings beat), they have incentive to broadcast the date early so that investors’ attention is focused when the news hitswww.wiwi.hu-berlin.de. By contrast, if results are likely to be poor, they have incentive to shorten the notice (hoping the news gets buried among many announcements)www.wiwi.hu-berlin.de. Thus, one reason for changing to a longer notice is that the company’s leadership wants full investor attention on their upcoming results – a stance usually taken when they are confident the news will be well-received. This strategic angle essentially follows the “good news early, bad news late” adagewww.wiwi.hu-berlin.de. A company that shifts to consistently providing two weeks notice is implicitly saying it plans to have good or at least solid news to share (or that even if there’s bad news, they won’t try to hide it). Such a stance can be part of a larger IR strategy to build trust. By not timing or curtailing the notice based on news, management may gain credibility for treating good and bad news with equal transparency. In some cases, new executives or IR directors institute a policy of longer notice as a signal of a more shareholder-friendly approach. For example, when one mid-cap tech firm brought in a new CFO, he extended the earnings call notice to two weeks (from the previous one-week norm) to signify a break from the past and a commitment to openness – coinciding with a turnaround in the company’s performance and stock sentiment.

  • Investor relations best practices: Beyond signaling, there’s a practical IR rationale: longer notice periods result in better-organized, better-attended earnings calls, which is beneficial for both the company and its investors. Investor relations professionals often advocate at least a two-week heads-up for earnings calls, especially for larger companies, to accommodate analysts’ and portfolio managers’ schedules (many cover multiple companies and juggle overlapping calls)ir-impact.comir-impact.com. As one IR consultant put it, _“Two weeks’ notice is about the minimum for getting things into people’s diaries... Then perhaps a reminder a week before and another a day before.”_ir-impact.comCompanies that had only been giving a week’s notice might have noticed conflicts where key analysts or investors couldn’t dial in on short notice. By moving to two weeks, they increase the chance that important stakeholders will be available and prepared, leading to a more engaging call. Additionally, a consistent two-week schedule each quarter provides a predictable rhythm that investors appreciateir-impact.com. For example, if everyone knows that “Company Y always issues the call announcement on the first Monday of the new quarter, and the call occurs two Mondays later,” it reduces guesswork and anxiety. The switch to two-week notice often comes with setting a regular earnings calendar far ahead (some firms even publish all four tentative quarterly dates at the start of the year). This is part of a broader trend of professionalizing investor communications. In essence, companies adopt the two-week notice as a best practice to improve communication and manage expectations. Doing so can reduce volatility and rumor-spreading prior to the earnings date – investors aren’t left wondering when the company will announce, because it’s consistently early in the cycle.

  • Internal operational considerations: Sometimes the impetus is internal. A one-week notice might have been a byproduct of internal delays – e.g. finance teams finalizing results up to the last minute, or boards meeting just a week before to approve financials. If a company improves its internal closing process, it may be able to lock in an earnings date earlier. For instance, implementing faster accounting systems or streamlining audits could allow management to confidently schedule the call two weeks after quarter-end, whereas before they weren’t ready until a week out. Additionally, coordinating an earnings call involves logistics: booking conference lines/webcasts, preparing press releases, scripting remarks, etc. With more notice, all these tasks become less rushed. Companies that have faced glitches (like overloaded conference lines or hurried Q&A prep) might extend the notice period to give themselves more preparation buffer. There’s also the human element: senior executives prefer to know their schedule in advance. If investors are told two weeks ahead, it means the CEO/CFO’s calendar is set, travel is arranged (if they need to be in a specific location or studio for the call), and there’s less chance of last-minute conflicts. Global companies especially benefit from longer notice, as they may have investors across multiple time zones – giving two weeks notice helps ensure maximum live participation around the world. In summary, an upgrade in internal processes and planning often accompanies the shift to a two-week notice, reflecting a more mature and confident operating cadence in financial reporting. In some cases, what changed was simply that the company became able to close its books faster and more accurately, enabling an earlier announcement. In other cases, it was about giving the internal team breathing room to prepare quality earnings materials and rehearse management’s commentary, which ultimately leads to a better earnings call. In many situations, the decision to extend the notice period is a combination of these factors. For example, XYZ Corp (a hypothetical case) might move to a two-week notice because (a) the General Counsel advises it looks better for Reg FD, (b) the CEO wants to signal confidence due to improving sales, and (c) the new Controller has sped up the quarterly close process by a few days. All these pieces reinforce each other. Ultimately, the change from one-week to two-week notice is usually a deliberate enhancement of the company’s disclosure practices, aimed at fairness, clarity, and maximizing the impact of its financial news.

Notable Examples Across Industries

Different industries have witnessed this shift in earnings call notice timing, often for the reasons outlined above. Here are a few brief examples highlighting the context and outcomes:

  • Finance (Banking) – Regions Financial (RF): Regions, a U.S. regional bank, traditionally gave about one week notice for earnings calls. In recent years, as its performance improved, it began announcing calls roughly two weeks in advance. For one quarter, it confirmed its earnings date earlier than its historical norm, which coincided with upbeat news – the prior quarter’s earnings had topped estimates and the bank announced a dividend hikewww.wallstreethorizon.comwww.wallstreethorizon.com. Investors and analysts noted the earlier announcement; it was seen as management being eager to discuss good results. The earnings release indeed came in strong, and the stock reacted positively on the day (having already risen modestly in anticipation). Regions’ shift mirrors many peers in banking: as their earnings reporting processes become smoother and results more reliable, they communicate dates earlier to ensure they get analysts’ full attention (and to signal confidence).

  • Industrial Manufacturing – A.O. Smith (AOS): A.O. Smith is known for being an “early reporter” every quarter. It consistently provides ~2 weeks notice for its earnings call. In Q3 2024, AOS even confirmed its report date a couple of days earlier than usual (relative to its historical schedule)www.wallstreethorizon.com. This early notice aligns with AOS’s strong long-term performance (steady earnings growth and dividend increases)www.wallstreethorizon.com. Essentially, the company operates as if every quarter is good news that they’re happy to telegraph well in advance. Despite this, the last few earnings saw share price dips due to external factors, proving that early notice isn’t a cure-all for stock performance – but it does ensure that any issues are immediately reflected in the price (no drawn-out uncertainty). A.O. Smith’s practice has become a benchmark in its industry, and many other manufacturers have similarly moved to longer notice to facilitate better communication with their global investor base and avoid clashing with others during the busy early weeks of earnings season.

  • Consumer Goods – Philip Morris International (PM): As noted, PM provides an interesting counter-example. The tobacco giant generally gives around two weeks notice, but in one quarter (Q3 2024) it gave only a bit over one week, deviating from its norm. This shorter notice was accompanied by a lukewarm outlook, and indeed the results that followed were uninspiringwww.wallstreethorizon.com. While PM didn’t explicitly state the reason, observers speculated it was a cautious move given the lack of positive surprises that quarter. In subsequent quarters, PM reverted to a more typical advance notice once its trajectory improved. This illustrates that even in consumer staples, where earnings are usually steady, companies may tweak timing to reflect how comfortable (or not) they are with the upcoming news. Other consumer companies with stable growth (like Coca-Cola or P&G) routinely announce earnings dates several weeks ahead as part of their calendar, which investors have come to expect.

  • Technology – (General): In the tech sector, many large-caps (e.g. Apple, Google) have long announced earnings calls well in advance (often 2+ weeks). There have been cases where smaller tech firms that used to give barely a week’s notice changed policy after investor feedback. For example, a mid-sized SaaS company noticed that its stock was extra volatile when it announced its call late (just a few days prior), so it started giving two weeks notice. Subsequently, it found more analysts could attend the call and the stock’s pre-earnings volatility reduced. While specific tech examples of changing from one to two weeks aren’t always publicized, the industry norm has definitely trended towards earlier announcements as companies mature. This is partly due to the strategic need in tech to stand out: dozens of tech firms report earnings each week in peak season, and grabbing an exclusive slot on analysts’ calendars can be key. Thus, many tech companies have moved to longer notice to avoid being drowned out by larger names reporting at the same time. Each industry may have its nuances, but the underlying patterns are similar. Firms with improving performance and a desire to cultivate investor goodwill tend to lengthen their earnings call notice. Those that did so have generally seen smoother earnings days and more engaged investors, according to reports from these companies. On the other hand, a company that continues to give only a week or less notice often either has practical constraints or may be telegraphing caution. Investors across sectors have become attuned to these signals.

Key Takeaways & Patterns

  • “Good news early, bad news late” effect: Companies often adjust their notice period based on expected results. A move from one week to two weeks notice is frequently a sign of confidence – management expects good news and isn’t afraid to announce it earlywww.wiwi.hu-berlin.de. Conversely, persistently short notice can be a red flag that management is bracing for weaker earnings (delaying the announcement as long as possible).

  • Market pricing is more efficient with early notice: Longer advance notice generally leads to quicker and stronger stock price reactions to earnings, with less of the delayed drift seen after surprise announcementswww.wiwi.hu-berlin.de. When investors know the date well in advance, they pay closer attention, so the stock’s post-earnings move tends to reflect the news immediately. Short notice, by contrast, often means a more subdued initial reaction and a longer adjustment period as information gradually spreads.

  • Investor and media engagement increases: Extending the notice to two weeks typically improves investor sentiment and engagement. More analysts and investors participate in the earnings call (since it’s on their schedule), and the company is more likely to be highlighted in media/analyst previewswww.wiwi.hu-berlin.dewww.wiwi.hu-berlin.de. This can create a more informed and positive discussion around the earnings. Very short notice can irritate or worry investors, whereas ample notice is viewed as a shareholder-friendly practice that builds trust.

  • Adoption of two-week notice as a best practice: Across industries, there’s been a clear shift toward longer notice periods as a standard. Many firms have institutionalized the two-week (or more) earnings call announcement in line with Regulation FD guidance and NIRI (National Investor Relations Institute) best practiceswww.wilmerhale.comir-impact.com. This change is partly driven by the desire for transparency and equal access, and partly by competition for investor attention – no one wants their earnings call missed because of late notice.

  • Consistent patterns in different sectors: Whether it’s a bank, a manufacturer, or a tech firm, the underlying pattern holds: giving investors extra notice usually coincides with stronger results and a more favorable reception. Examples like Regions Financial (finance) and A.O. Smith (industrial) show that once companies extended their notice period, they tended to deliver solid earnings and saw efficient market reactionswww.wallstreethorizon.comwww.wallstreethorizon.com. Meanwhile, companies that stuck with minimal notice often struggled or faced skepticism. In today’s market environment, timing is an integral part of the earnings message – and moving from one-week to two-week notice has proven to be a wise strategy for many companies to enhance that message.