Playing the earnings game is a game that should be avoided unless you are willing to risk big losses and have the ability to trade in the after hours market. The action in NYSE:PANW last night is the prime example of how shorts and longs can get burned. If you were a disciplined trader and entered into the earnings with a 10% stop loss set for safety, you just got robbed. Not alone did you lose 10% but you also missed the gains post earnings call. Its a crazy 20% move in a few hours in such a large cap stock, but trading on earnings is just like Vegas.