Just because U.S. corporate profit growth has ground to a halt doesn’t mean the impact of earnings announcements in the stock market has diminished. In fact, it’s never been bigger.

Swings such as Alcoa Inc.’s 11% plunge last week have become increasingly common since the financial crisis, according to a study by Leuthold Group that looked at how shares reacted in 193,000 instances going back to 1996. The Minneapolis-based fund manager found that earnings-day stock moves exceeding 5% doubled in seven years, even as the accuracy of analyst forecasts deteriorated only slightly and market volatility stayed the same.

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