That is not what happened last quarter. Go look at the chart. ATI reported blow out earnings and the stock started to slide. It didn't start back up again until 3 weeks later.
ATI has a history of running up before earnings and then pulling back after earnings are announced.
It's my understanding that the supply titanium is not as tight as it was before. It will be interesting if this is mentioned in the CC. If there is the slightest perception that the conditions exist for the price of titanium to weaken then there could be a sell off. Any discussion along these lines will over shadow any good news concerning the earnings numbers. That is what I will be listening for.
Earnings is all about the past, where guidance on future titanium prices and production capacity is what everyone wants to know because that is what will determine the price of ATI's stock tomorrow.
No guts, no glory. I expect both earnings and guidance to push the stock higher. We'll see, but I wouldn't spend too much time on the fence meditating and studying last year's charts if I were you, you'll miss the big up move.