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I'd say, if you see a company you believe in and it DROPS on the earnings, wait a little while and then jump in when it finds some support if you think the drop was overdone. Nutrisystem is a good example of that sort of thing right now...it dropped hard and had a real rough few weeks, but now seems to be picking back up from the lows.
But it really is a crapshoot. Baidu, a company I've been following forever now, took HUGE plunges 2 quarters in a row (from $90 to $70, and then from $110 to $80) before starting the medioric rise to the $200's...
Now, on the run-up TO the earnings, Ron is the grand master of that sort of play, and it's MUCH safer and can be very profitable.
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dave
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