Read Achilles · Education · Reader Guide

Reading a Base-Rate Card

A worked walk-through of one base-rate card of record — CVNA, published ahead of its print — field by field, in the card's own terms.

The card of record

The card below is the pre-print card of record for CVNA in the Read Achilles earnings atlas, with data as of 2026-10-09. It is set out in the card's three fields, and each field is then read against the glossary. Nothing is added to the card and nothing is rounded: the figures are the locked line of record.

Prints counted
39
Share that moved more than ±5%
84.6%
Median absolute move
9.94%

Earnings-move base rates by Read Achilles, data as of 2026-10-09.

Prints counted: 39

The first field is the size of the evidence: the priced prints for CVNA in the atlas at the as-of date. Each one is a past quarterly release together with the move that followed it, counted under the atlas's rule — the move measured close to close on the first market day after the release. Every other field on the card is a statement about this set of prints and no other.

Share that moved more than ±5%: 84.6%

Of the prints counted, this share moved beyond the threshold in size after the print. The count is of absolute moves: prints that rose beyond the threshold and prints that fell beyond it are tallied together, so the share speaks about how often the reaction was large, never about which way it went.

The threshold travels with the number. The figure is the share beyond ±5%, and it is not quoted in any other form.

Median absolute move: 9.94%

The absolute moves of the counted prints, lined up from smallest to largest, have this value in the middle: half of CVNA's counted prints moved more than this after earnings, and half moved less. It is the middle size of a reaction in the set — a median, not an average, and not a boundary the next reaction is measured against in advance.

What the card does not say

Direction. The card's share counts large rises and large falls together; no field separates them, and the card carries no view on the direction of a future move.

A forecast. Every field is a count over prints that already happened. The card was published ahead of a print because the count behind it was complete; completeness is what the timing records, not knowledge of the coming reaction.

The company's results. The card measures stock moves after past releases. It says nothing about what a future release will contain.

Permanence. The set grows as new prints are priced, and a later card for the same company rests on a larger count with its own as-of date. This card is the record as of 2026-10-09.

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