A flurry of pre-earnings season confessions and boardroom shake-ups sent shares in some well-known ASX names spiralling last month, and major fund managers are using the sell-off to snap up the companies on the cheap.

Brokers at Goldman Sachs, who tracked earnings updates through April and May, found that most company results were received poorly by the market, with shares falling by an average 2.7 per cent on the day.