A look at companies in midday trading: 3M — Shares soared 23% to a 52-week high after the office supplies and adhesives maker reported better-than-expected quarterly results. 3M reported second-quarter adjusted earnings of $1.93 per share, beating LSEG’s forecast of $1.68 per share. Revenue also beat expectations. Dexcom — Shares plunged 40.7% after the medical device maker missed expectations on second-quarter earnings and provided weak full-year guidance for the measure. Dexcom reported revenue of $1 billion for the three months, below the consensus estimate of $1.04 billion from analysts surveyed by LSEG. Coursera — The online course provider soared 44.7% after reporting second-quarter revenue of $170 million, beating the consensus estimate of $164 million from analysts surveyed by LSEG. Meanwhile, the company reported a loss of 15 cents a share, while analysts had expected a profit of 1 cent a share. Newell Brands — The parent company of Rubbermaid and Yankee Candle reported second-quarter adjusted earnings of 36 cents a share, well above the consensus estimate of 21 cents a share, according to LSEG, and shares soared 40.5%. But Newell’s sales were just $2.03 billion, just below the $2.05 billion Wall Street had expected. Deckers Outdoor — The footwear company’s shares rose 6.3% after reporting better-than-expected first-quarter earnings. Deckers, which saw sales growth from its Uggs and Hoka brands, reported earnings of $4.52 per share on revenue of $825 million. That beat analysts’ expectations of earnings of $3.48 per share on revenue of $808 million, according to LSEG. Boston Beer — Shares of the alcoholic beverage maker rose 7.5% after it reaffirmed its full-year earnings per share outlook despite a weak second quarter. Boston Beer earned $4.39 per share on revenue of $579 million, while analysts surveyed by LSEG were expecting earnings of $5.02 per share on revenue of $597 million. Mohawk Industries — Shares of the flooring company rose 19.5% after second-quarter adjusted profit beat expectations. Mohawk said cost-cutting measures would allow it to save $100 million for the year. Bristol Myers Squibb — Pharmaceutical stocks rose nearly 11.4% after its second-quarter report showed sales and profits that beat expectations. Bristol Myers Squibb said it had adjusted earnings per share of $2.07 on revenue of $12.2 billion. Analysts surveyed by LSEG had expected earnings per share of $1.63 on revenue of $11.55 billion. Revenue rose 9% year over year, in part due to blood clot prevention drug Eliquis. Norfolk Southern Railroad — Shares of the railroad operator rose 10.9% after second-quarter profits beat expectations. Norfolk Southern’s adjusted earnings per share of $3.06 were $3.06, beating the $2.86 per share expected by analysts surveyed by LSEG. Revenue was in line with expectations. WW International — The parent company of Weight Watchers fell 12.5% after Morgan Stanley downgraded it from overweight to equal weight. Morgan Stanley said obesity drugs are a long-term headwind to its core business. Charter Communications — The communications company rose 16.6% after second-quarter revenue of $13.69 billion beat analysts surveyed by FactSet’s estimate of $13.59 billion. Adjusted earnings before interest, taxes, depreciation and amortization came in at $5.67 billion, also beating the $5.48 billion forecast. Coinbase — Shares of the cryptocurrency exchange rose 4.9% on a rally in the digital currency. Bitcoin was up more than 4% in the latest session. Southwest Airlines — The airline’s shares fell 3% after Deutsche Bank downgraded it to hold from buy following a second-quarter profit decline. In addition to reporting earnings this week, Southwest Airlines also announced significant changes to its business, including the elimination of open seating. DoorDash — Food delivery shares rose 4% after Redburn Atlantic initiated coverage with a buy recommendation. The firm gave a price target that represents an upside of about 68% from Thursday’s closing price. Alexander & Baldwin — Shares of the real estate investment trust company rose 6.3% to a new 52-week high after the company reported better-than-expected second-quarter earnings. According to analysts surveyed by FactSet, Alexander & Baldwin posted sales of $51 million, beating the consensus estimate of $48.3 million. Piper Sandler raised its rating on the stock to overweight from neutral, expecting further upside. First Solar — Shares rose 4.9% after Guggenheim reaffirmed its buy rating on the solar power solutions provider ahead of the company’s second-quarter earnings report next week.The company believes the market has “significantly overreacted” to potential political risks surrounding the upcoming elections, and sees the company positioned to benefit from accommodative policies regardless of which party wins the White House. Sweetgreen — Shares rose 5.2% after Oppenheimer reaffirmed the salad chain as a top pick. The stock has more than doubled in 2024. FTAI Aviation — The engine materials company rose 6.9% after Stifel upgraded it to buy from hold. Stifel said the stock is worth buying even if it is considered expensive given industry trends. Texas Roadhouse — The restaurant chain rose 2% after second-quarter profit beat expectations. Texas Roadhouse’s earnings per share of $1.79 beat the $1.64 per share forecast by analysts surveyed by LSEG. Revenue of $1.34 billion was in line with expectations. Colgate-Palmolive — The consumer goods maker rose 3% after its second-quarter profit beat expectations. Colgate-Palmolive reported adjusted earnings per share of 91 cents on revenue of $5.06 billion, while analysts surveyed by LSEG had expected 87 cents per share on revenue of $5.01 billion. — CNBC’s Yun Lee, Pia Shin, Sean Conlon, Jesse Pound, Ha-Kyung Kim and Lisa Kai-Lai Han contributed to reporting.
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