Every comparable gap since 2020, and what followed.
SNOW reported fiscal Q2 earnings after the close on September 2, 2026, and the stock gapped up +23.35% the next morning. VIX was at 15.20 that evening, so this happened in a low VIX environment.
In general, SNOW gaps up after earnings 62.5% of the time (15 times out of 24 earnings reports since December 2020).
The size of the gap was well above average. It gapped up 23.35% vs its average gap up of +11.73%.
| Time Frame | Any gap up | Green/Red Frequency |
|---|---|---|
| 1 week | −0.46% | ▲42.9% / ▼57.1% |
| 1 month | −5.69% | ▲42.9% / ▼57.1% |
| 3 months | +2.78% | ▲57.1% / ▼42.9% |
| Before next earnings | +3.54% | ▲57.1% / ▼42.9% |
After any gap up, SNOW swings between −5.69% and −0.46% over the first month and ends higher by a median return of 2.78% after 3 months.
| Gap Session | Gap | VIX | 1 Week | 1 Month | 3 Months | Before next earnings |
|---|---|---|---|---|---|---|
| August 25, 2022 | +19.91% | 22.8 | −9.46% | −13.67% | −23.42% | −25.28% |
| November 21, 2024 | +24.89% | 17.2 | +8.40% | +0.11% | +3.06% | +3.06% |
| Time Frame | Gap up, VIX < 20 | Green/Red Frequency |
|---|---|---|
| 1 week | −0.37% | ▲44.4% / ▼55.6% |
| 1 month | +0.11% | ▲55.6% / ▼44.4% |
| 3 months | +8.18% | ▲77.8% / ▼22.2% |
| Before next earnings | +4.01% | ▲66.7% / ▼33.3% |
After a gap up in a low VIX environment SNOW typically moves higher heading into the next earnings.
The forward return calculations in this article begin at the 9:30am open the next morning after the stock has already gapped up, so the gap is not part of the forward calculations.
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