I don't really know. Fortunately, I've never had to react to a bad earnings trade in after hours or pre-market by trying to exit or adjust a position. It would seem to me that since most large institutions hedge with options, they would not be able to do much in the pre-market until the options start trading. Due to the lack of liquidity in after hours, it seems to me that they would only trade if they are experiencing an "oh sh*t!" moment and are forced to adjust a position.
a lot of times you will see extreme prices in after hours or pre market after an earnings report more than half the time that will be the high or low for the next few sessions then simply wait for a trend to develop if you are trading options I would expect vol to decrease dramatically options price in big moves for earnings