Read each company's latest filed earnings release for the outlook it gave and the tone it took, with every quote checked against the filing
Reads the earnings release each company in scope most recently filed with the SEC (Form 8-K, Item 2.02), with any CFO commentary or shareholder letter filed with it. NOVA reads the filing with an AI model and reports the outlook the company gave (raised, lowered, maintained, initiated or withdrawn when the company compares it with an earlier outlook, otherwise stated) and the tone of the release. Every reported item carries a short quote that code checks word for word against one line of the filing (a row of a guidance table only whole, shown with the line above the table and its leading rows without values, the context code infers for it), and every figure in an item's description must be written in that quote with the same sign and unit (a date or a figure of its period may instead be in the quoted line or that table context, a year anywhere in the filing); anything that fails is left out and counted. A run reads up to 8 releases not read before, and the rest on later runs. Each name also keeps the digest's bullish, neutral or cautious label, computed in code from a keyword read of earnings news. Guidance a company gives only on its earnings call is not in its filing and is not read, and companies that report results on Form 6-K are not covered. Use it to see what a company itself said about the period ahead, beside how the press covered its results.
What a company says when it reports, read from the document it files - and exactly how far that reading goes.
WHAT AN EARNINGS RELEASE IS. When a US company reports quarterly results it furnishes them to the SEC on Form 8-K under Item 2.02, usually as Exhibit 99.1, the press release. Many also file CFO commentary, a shareholder letter, a financial supplement or slides beside it. Unlike a call, it is a written, reviewed document: every word is chosen, and that is both its strength and its limit.
WHAT THE RESEARCH LITERATURE DOES WITH IT. Davis, Piger and Sedor (2012) measured the net optimistic language of earnings press releases and found it associated with future firm performance and with the market's response beyond the reported numbers. Huang, Teoh and Zhang (2014) showed the other side: managers manage that tone, and unusually positive tone was followed by weaker results. Read tone as evidence about how the company chose to present itself, not as a fact about the business.
WHAT THIS ANALYSIS DOES. Two things, kept apart. First, the reading: an AI model reads the latest filed release and reports the outlook the company gave, by metric and period - raised, lowered, maintained, withdrawn or initiated only where the company itself compares it with an earlier outlook, and stated otherwise - and the tone of the release. Second, the label: bullish, neutral or cautious, computed in code from a keyword read of earnings news; a release or an earnings date on file raises only the urgency score.
HOW THE READING IS CHECKED. The model's reading is a claim; code decides what survives. Every item must carry a quote that appears word for word in one line of the filing - a table row only whole, from a short table, shown with the line above the table and the table's leading rows without values, the context code infers for it from the text - and every figure in an item's description must be written in that quote with the same sign and unit (a date or a figure of its period may instead be in the quoted line or that table context, and a year anywhere in the filing; period names such as Q4 are not checked). That catches a figure the quote does not contain; it does not check which column or basis a figure came from, so a whole-row quote can hold the right figure under a wrong description. What fails is left out and counted. Code does not check meaning: a correct quote under a wrong paraphrase is possible, which is why the quote is always shown. A reading is stored per filing and reused while the filing's text, the model and the reader are unchanged.
WHAT IT IS NOT. It is not the call. Some companies give guidance only on their earnings call and file a release with results and no outlook; for them the reading says no outlook was identified in the exhibits read, which says nothing about guidance given elsewhere. A direction is relative to what the filing says about the prior outlook: where it does not compare, the outlook is stated rather than guessed, and code demotes a claimed change to stated when its quote carries no wording of a change.
THE LABEL STILL MEANS 'HOW THE PRESS COVERED THE RESULTS'. The label inherits the problems of word lists, including Loughran and McDonald's (2011) finding that general-purpose word lists misread financial language. Read the label as the coverage and the reading as the company's own words; where they disagree, that is worth noticing.
COVERAGE. A company with no 8-K release on file (foreign issuers report on Form 6-K, which is not read), one older than 100 days, or a newer report whose release is not on file yet keeps only the label, and its row says which. A run reads at most 8 releases it has not read before, newest first, within its own time budget; the others say they are read on a later run, and a release read once is reused without another reading call. Market-wide runs of more than 50 companies do not read releases, and their rows say so.
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