Earnings day is the one gap where the reason is on file before the bell. INVE Technologies' 8-K this morning checks Item 2.02, results of operations, plus a Reg FD item and exhibits. $INVE +20.27% pre-market.
The feed doesn't show the numbers. A filing proves results exist. It does not prove they earned a fifth more market value. Anyone buying the gap before reading the exhibit is pricing the envelope, not the letter.
The cross-stock history is calmer than the tape. In 198 past sessions where a $1+ stock opened up 20% or more on earnings reported before the open, 44% closed above that open and 55% closed below it. Median open-to-close: -0.54%. That's other companies, not INVE's odds.
INVE's own record has two prior 5%+ gap-up days. Two is an anecdote with a ticker attached.