Interestingly, it's well known that the stock of firms with high levels of investment does worse than the stock of firms that do not invest as much -- see https://www.sciencedirect.com/science/article/pii/S0304405X1.... One possible reason for this is that managers may channel investment funds into unproductive empire building.
This is cross-sectional returns over a month so it basically confirms the OP, don't invest money if you want the stock to up in the next month (or quarterly report).