Why is the market making these over exaggerated moves on earnings this quarter?

I've never seen market act like this. If your earnings slightly beat expectations your stock soars 30%, if it slightly disappoints it's an elevator down 30%.

We've seen this with FB, SNAP, GOOGL, AMZN, Netflix and others. Giant marketcap companies moving like pennystocks.

Is this just due to thinner books, or are there just more people/capital speculating on earnings this quarter?

Is this a sign of investors rotating into less risky companies, or is this a sign of highly leveraged speculators in derivatives markets?