Tickers in this Article: AMZN, SWM, EVR, SPY, HHH
There were a number of extraordinary earnings stories this earnings season, three of which we highlight below.

These companies uniformly missed analysts' EPS estimates on their respective report days this quarter and were roundly punished by investors. No surprise there.

What's remarkable, however, is the speed and ferocity with which those stocks recovered and surged to new heights - beyond anyone's expectations.

Here they are, complete with vital statistics.

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Booking Profit
The greatest turnaround story of the quarter was undoubtedly Amazon.com (Nasdaq:AMZN), which reported earnings on July 22, beating Wall Street's revenue estimates but missing forecasted EPS numbers. The stock dropped 11.78% on the news but since that time has shot up by an unbelievable 21.6%.

The online book retailer offers investors no dividend and trades with an objectively bloated P/E ratio of 53.29. For the full year, Amazon stock is up better than 54%, beating both the broad Nasdaq, as represented by the PowerShares QQQ Trust ETF (Nasdaq:QQQQ), which gained only 15% over the same period, and the Internet HOLDRs ETF (NYSE:HHH), which gained 22%. The latter ETF is heavily weighted in AMZN shares - a full 41% of the fund is dedicated to the company.

Smokin' Turnaround
A relative unknown to most investors, Schweitzer-Mauduit International (NYSE:SWM) had a whale of a turnaround after its earnings report was released on August 4. The company missed both top- and bottom-line estimates and lowered guidance for the coming quarter. And, as expected, the stock was trounced. It fell by nearly 14.5% on earnings day before reversing to climb 17% higher to date.

Schweitzer-Mauduit is a global manufacturer and marketer of specialty papers used by the tobacco industry. It also sells reconstituted tobacco products (RTL), which are used in cigarettes.

Evercore Partners (NYSE:EVR) is an investment advisory business focused on serving the global mergers and acquisitions market. Evercore missed both revenue and earnings estimates when it reported on August 3, and its stock was hammered down to the tune of 9.55%. But then, it soared nearly 18% higher. Evercore pays a 2.42% dividend and trades with a P/E of 79.5. (To learn more about Evercore's business, see The Basics Of Mergers And Acquisitions.)

The Bottom Line
Negative earnings surprises once sounded the death knell for a stock, but in the latest quarter a great many companies, including the three listed above, shrugged off the curse and headed convincingly higher. It may be strange, but it's certainly a good omen for the market overall.

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