Filing Flows › 8-K events › Impact
Which 8-K items move stocks? Every item, scored
179,348 8-Ks from 1,838 companies, each measured from the close before it reached EDGAR to the close 1, 5 and 21 sessions later. The item that moves stocks most is 5.06 (change in shell company status (a SPAC merger closing)): a typical next-session move of ±3.9%, against ±1.4% for a routine officer change.
Every item
| Item | 8-Ks | Next session, median | Typical size | Up | 5 sessions | 21 sessions | 21 sessions vs SPY |
|---|---|---|---|---|---|---|---|
| 5.06 Change in shell company status (a SPAC merger closing) | 39 | +0.4% | ±3.9% | 54% | −5.4% | −1.3% | −3.1% |
| 2.02 Results of operations | 69,115 | +0.2% | ±3.6% | 51% | +0.4% | +1.2% | −0.3% |
| 2.05 Exit or disposal costs | 954 | −0.2% | ±2.4% | 47% | 0.0% | +0.5% | −1.2% |
| 5.01 Change in control | 233 | +0.2% | ±2.2% | 52% | −0.3% | +0.7% | −0.9% |
| 4.02 Restatement: financials not to be relied on | 173 | −0.2% | ±2.2% | 42% | −0.8% | 0.0% | −2.5% |
| 3.01 Delisting notice or listing-rule failure | 492 | 0.0% | ±2.1% | 46% | −0.1% | −0.2% | −1.8% |
| 3.02 Unregistered sale of equity | 2,750 | +0.1% | ±2.1% | 52% | +0.4% | +0.5% | −0.7% |
| 2.06 Material impairment | 334 | 0.0% | ±1.9% | 50% | 0.0% | +0.4% | −1.4% |
| 5.05 Code of ethics change or waiver | 199 | +0.1% | ±1.8% | 51% | +0.3% | +1.2% | −0.9% |
| 4.01 Change in auditor | 538 | 0.0% | ±1.7% | 49% | −0.6% | −0.1% | −1.0% |
| 1.05 Material cybersecurity incident | 42 | −0.6% | ±1.6% | 33% | −0.7% | −0.2% | −4.2% |
| 2.01 Completed acquisition or disposition | 2,671 | +0.1% | ±1.6% | 52% | +0.2% | +1.2% | −0.3% |
| 5.08 Shareholder nominations | 100 | −0.1% | ±1.6% | 45% | −0.5% | +2.0% | −1.2% |
| 3.03 Change to shareholders’ rights | 1,456 | +0.1% | ±1.5% | 52% | +0.1% | +1.2% | −0.6% |
| 8.01 Other events | 44,881 | +0.1% | ±1.5% | 52% | +0.3% | +1.1% | −0.5% |
| 1.02 Termination of a material agreement | 2,368 | 0.0% | ±1.5% | 51% | +0.2% | +1.1% | −0.5% |
| 1.01 Material definitive agreement | 23,525 | 0.0% | ±1.4% | 51% | +0.2% | +1.0% | −0.5% |
| 2.04 Triggering event accelerating an obligation | 188 | +0.2% | ±1.4% | 53% | +0.3% | +1.2% | +0.8% |
| 5.02 Directors and officers: departures, appointments, pay | 39,174 | −0.1% | ±1.4% | 48% | 0.0% | +0.7% | −0.7% |
| 5.03 Charter or bylaw amendment | 5,869 | +0.1% | ±1.4% | 52% | +0.2% | +1.2% | −0.5% |
| 2.03 New debt or off-balance-sheet obligation | 13,268 | 0.0% | ±1.3% | 50% | +0.2% | +1.2% | −0.5% |
| 5.07 Shareholder vote results | 16,815 | 0.0% | ±1.2% | 50% | +0.3% | +1.5% | −0.5% |
| 5.04 Trading-plan blackout | 153 | −0.2% | ±1.2% | 42% | +0.4% | +0.8% | −0.9% |
| 1.04 Mine safety violation | 91 | −0.1% | ±1.1% | 45% | 0.0% | −1.6% | −2.1% |
Each 8-K in the move-odds universe, measured from the last close before it was accepted by EDGAR (a filing after 16:00 ET counts from the next session) to the close 1, 5 and 21 sessions later. Excess is the move less SPY’s over the same days. Items 9.01 and 7.01 are not counted as the news. Not investment advice.
Item combinations
| Items | 8-Ks | Next session, median | Typical size | Up | 21 sessions |
|---|---|---|---|---|---|
| 2.02 | 61,644 | +0.2% | ±3.6% | 51% | +1.2% |
| 5.02 | 29,813 | −0.1% | ±1.3% | 47% | +0.6% |
| 8.01 | 29,670 | +0.1% | ±1.3% | 52% | +1.1% |
| 5.07 | 11,145 | 0.0% | ±1.2% | 50% | +1.6% |
| 1.01 + 2.03 | 7,360 | 0.0% | ±1.2% | 50% | +1.1% |
| 1.01 | 6,331 | 0.0% | ±1.4% | 51% | +0.9% |
| 2.02 + 8.01 | 4,288 | +0.4% | ±3.9% | 53% | +1.4% |
| 5.02 + 5.07 | 2,594 | 0.0% | ±1.2% | 50% | +1.5% |
| 5.03 | 2,155 | +0.1% | ±1.2% | 53% | +1.1% |
| 1.01 + 8.01 | 1,959 | +0.1% | ±1.4% | 51% | +1.0% |
| 5.02 + 8.01 | 1,835 | −0.1% | ±1.5% | 48% | +0.1% |
| 1.01 + 2.03 + 8.01 | 1,564 | 0.0% | ±1.3% | 50% | +1.5% |
| 2.02 + 5.02 | 1,341 | −0.5% | ±5.0% | 46% | +0.6% |
| 1.01 + 1.02 + 2.03 | 975 | 0.0% | ±1.2% | 51% | +0.9% |
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Read automatically from SEC EDGAR (13F, Form 4, Form 144, Schedule 13D/G, 8-K, XBRL), House and Senate disclosures, FINRA and exchange data; errors are possible. Not investment advice.