Here’s a look at the companies making headlines in midday trading: 3M – The office supplies and adhesives maker reported stronger-than-expected quarterly results, sending its shares soaring more than 18% to a new 52-week high. 3M reported second-quarter adjusted earnings of $1.93 per share, beating LSEG’s forecast of $1.68 per share. Its revenue also beat expectations. Dexcom — The medical device maker missed second-quarter revenue estimates and provided weak full-year guidance on the measure, sending its shares tumbling more than 40%. Dexcom said it generated $1 billion in revenue in three months, compared with a consensus forecast of $1.04 billion by analysts polled by LSEG. Coursera—The online course provider reported second-quarter revenue of $170 million, and its stock price soared 37.8%, exceeding the $164 million consensus estimate of analysts polled by LSEG. On the other hand, the company said it lost 15 cents per share, while analysts expected a profit of 1 cent per share. Newell Brands – The parent company of Rubbermaid and Yankee Candle reported second-quarter adjusted earnings of 36 cents per share, well above the consensus estimate of 21 cents per share, sending shares soaring 38.8%, according to LSEG. However, Newell’s revenue was only $2.03 billion, slightly lower than Wall Street’s forecast of $2.05 billion. Deckers Outdoor — The footwear company reported better-than-expected first-quarter earnings, sending its shares up 7.8%. Deckers’ sales grew, driven by its Uggs and Hoka brands, and earnings were $4.52 per share on revenue of $825 million. That beat analysts’ expectations for LSEG’s earnings of $3.48 per share and revenue of $808 million. Boston Beer — Shares of Boston Beer rose 3.6% after the alcoholic beverage maker reiterated its full-year earnings per share forecast despite a weak second quarter. Boston Beer earned $4.39 per share on revenue of $579 million, while analysts polled by LSEG expected earnings of $5.02 per share on revenue of $597 million. Mohawk Industries – The flooring company rose 17% on stronger-than-expected second-quarter adjusted earnings. Mohawk also said it can save $100 million annually through cost-cutting initiatives. Bristol Myers Squibb — The pharmaceutical stock surged nearly 9% after reporting second-quarter revenue and profit that beat expectations. Bristol Myers Squibb reported adjusted earnings of $2.07 per share on revenue of $12.2 billion. Analysts polled by London Stock Exchange Group (LSEG) expected revenue of $11.55 billion and earnings of $1.63 per share. Revenue rose 9% year over year, thanks in part to blood clot prevention drug Eliquis. Norfolk Southern — The rail operator’s second-quarter profit beat expectations, sending its shares up 10%. Norfolk Southern’s adjusted earnings were $3.06 per share, exceeding the $2.86 per share expected by analysts polled by LSEG. Revenues were in line with expectations. WW International — Shares of the parent company of Weight Watchers fell 11.7% after Morgan Stanley downgraded the stock to equal weight from overweight. Morgan Stanley said drugs used to treat obesity are a long-term headwind to its main business. Charter Communications — Shares of Charter Communications rose 15% after the telecommunications company reported second-quarter revenue of $13.69 billion, topping the $13.59 billion forecast by analysts polled by FactSet. Adjusted earnings before interest, taxes, depreciation and amortization of $5.67 billion were also higher than Wall Street expectations of $5.48 billion Coinbase – shares of the cryptocurrency exchange rose 3.7% as digital currencies moved higher. Bitcoin was last up more than 4%. Southwest Airlines Co. — Shares of Southwest Airlines fell 2.7% after Deutsche Bank downgraded the airline to hold from buy after its second-quarter profit fell. In addition to reporting earnings this week, Southwest also announced significant changes to its business, including the elimination of open seating. DoorDash — The food delivery stock rose 3.7% after Redburn Atlantic initiated a buy call. The company’s target price is about 68% higher than Thursday’s closing price. Alexander & Baldwin — Shares of the real estate investment trust soared 8% to a new 52-week high after reporting second-quarter results that topped expectations. Alexander & Baldwin reported revenue of $51 million, topping consensus estimates of $48.3 million, according to analysts polled by FactSet. Piper Sandler upgraded the stock to overweight from neutral, saying it still has room to rise. First Solar — Shares of First Solar rose 5% after Guggenheim reiterated a buy rating on the solar solutions provider ahead of its second-quarter earnings release next week. The firm believes markets are “clearly overreacting” to potential political risks from the upcoming election and believes it could benefit from easing policy regardless of which party occupies the White House. Sweetgreen — Shares of Sweetgreen rose more than 5% after Oppenheimer reiterated the salad chain as its top pick. The stock more than doubled in 2024. Stiefel said that given industry dynamics, the stock is worth buying, even if it is considered expensive. Texas Roadhouse — Shares of Texas Roadhouse rose 4.4% after the restaurant chain beat second-quarter profit expectations. Texas Roadhouse earned $1.79 per share, above the $1.64 per share expected by analysts polled by LSEG. Revenue was $1.34 billion, in line with expectations. Colgate-Palmolive — The consumer goods maker’s shares rose 4.4% after better-than-expected second-quarter profit. Colgate-Palmolive reported adjusted earnings of 91 cents per share on revenue of $5.06 billion, while analysts polled by LSEG expected earnings of 87 cents per share on revenue of $5.01 billion. —CNBC’s Yun Li, Pia Singh, Sean Conlon, Jesse Pound, Hakyung Kim and Lisa Kailai Han contributed reporting.
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