The market is getting 'more discriminating' during earnings season

Wall Street is getting harsher on companies whose earnings come in below analyst expectations.
This could be rewarding for active fund managers who seek out stocks that may sell off sharply if their results don't match up to their company's guidance or to analysts' expectations.
"The market has become more discriminating during earnings season, which is a positive for stock pickers," Chris Harvey, a senior analyst at Wells Fargo, said in a note on Sunday. "This suggests that stock pickers may wa