Futures Now

Earnings help make beating Wall Street that much sweeter

Into the futures: Media company earnings

It's been a good quarter to do well.

companies that have beaten earnings estimates in the third quarter have seen their stocks rise by an average of 2.2 percent in the four-day period surrounding earnings, according to FactSet. That's double the 1.1 percent gain that earnings beaters have tended to enjoy.

Meanwhile, stocks that have missed earnings estimates have slid 2 percent from two days before earnings until two days after. In contrast, that's actually smaller than the average 2.2 percent decline.

Still, not many company have missed. Of the first 340 S&P 500 companies to report earnings for the third quarter, 76 percent of them have beaten estimates, FactSet reports, which is above historical averages.

Among the top gainers on earnings are semiconductor stock KLA-Tencor, which rose 23 percent in the four sessions surrounding earnings, real estate company CBRE Group, which jumped 11 percent in the similar period, and Abbvie, which rose 13 percent from two days ahead of earnings to Friday's close.

Read More This surprising stat suggests the rally could be in trouble

The August effect

Still, it hasn't been all peaches and cream when it comes to corporate results. The S&P 500 Index is still looking to log a 2.2 percent earnings slide from the third quarter of 2015.

Perhaps more troublingly, revenue is set to decline nearly 3 percent, with more than half of the companies that have already reported missing already-meager revenue expectations.

Read MoreMarkets to tune out Fed in favor of jobs report

As for the 2.2 percent jump that those beating the Street have enjoyed? It may just be a derivative of a market that is surging just as earnings are being unveiled.

"The bigger story is the market's rebound after putting in the August lows," commented Jim Iuorio, a Chicago-based trader with TJM Institutional Services. "The earnings reports have been caught up in this September and October updraft."

Indeed, the just-completed October has been the best month for stocks since October of 2011.

—By CNBC's Alex Rosenberg.

Watch "Futures Now" Tuesdays & Thursdays 1 p.m. ET exclusively on FuturesNow.CNBC.com!