Yeah, I tend to buy beat up stocks every once in awhile. I'd take the flip if you get some run tomorrow. I haven't seen too many that have taken a big earnings hit like that and then recouped all of that in a short time. But then again, I don't necessarily watch them for too long after I try to trade them. Especially in something that's actually tangible like theme parks. The ones that ones that seem to get upward bursts out of nowhere after taking hit are like the tech companies that nobody cares are making money or not. What I do usually is just wait for that first 7:30-8:00 crazy half hour of every trading day to be over, then throw in a stop loss and just see what happens for the day on those types. But it definitely complicates things if it's down 5 or 10% in that first hour, which does happen from time to time.
What I really like for short term flip buys rather than the negative falling knifes though are stocks that are still positive for the day on a news item but dropped a good amount from their open price. More than 10 % drop from the open + volume over a mill + news item means I'm usually buying at the end of the day. For example, ICPT had some drug data yesterday that was positive but it opened at 340 and then closed at $275, which was still up for 16 or 17% on the day. Buy in at the close yesterday, you've got 12% today. That works pretty well consistently.