Earnings continues to drive the markets. Investors are waking up to the idea that institutional investors have known for some time. Companies are lowering guidance so that that they can beat expectations. For the last 4 quarters in a row Walmart (WMT) has lowered guidance expectations. In the last three quarters Walmart has beaten revenue and earnings expectations. On all of those conference calls they lowered guidance. The long red bar marks the earnings release and guidance. The spike an hour later marks investors digging into the details during the conference call. By the first hour of trading the stock was back to its previous closing price.