Earnings missed?
Actually earnings expectations by analysts are often not correct and this is why we should not be concerned about earnings missed.
Stocks have made quite a run till date and whether the earnings or guidance meet or do not meet analysts expectation, stocks will still make a pullback. Whatever movement that is happening is just a reason used by the people who are writing to justify what has happened.
Macro environment and external factors still plays a more importanbt role.
Another example of how news can be interpreted both ways.
When a company lay off staff,
a) if the stock price went up it will be written as laying off staff is a good cost cutting measure.
b) On the other hand if the stock went down, it will be written as profit is expected to drop so they need less staff
In conclusion, look at price movement for short term and macro enviroment on the long term. Stocks on a whole are still on a high since 2009, it is timely for a major pullback or reset. There are alot of reason to be pessimistic than optimistic. Trade with caution.
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