Newell Brands and Deckers Exceed Earnings Expectations in Strong Quarter

Newell Brands, the parent company of Rubbermaid and Yankee Candle, reported a remarkable 38.8% surge in its stock after announcing adjusted earnings of 36 cents per share for the second quarter, significantly surpassing the consensus estimate of 21 cents. Similarly, Deckers benefited from strong sales of its Uggs and Hoka brands, posting earnings of $4.52 per share on revenue of $825 million, exceeding analysts' expectations of $3.48 per share and $808 million in revenue. Boston Beer, however, fell short of expectations, earning $4.39 per share on $579 million in revenue, while analysts had anticipated earnings of $5.02 per share and revenue of $597 million. Mohawk Industries saw a 17% rally in its stock following stronger-than-expected adjusted earnings, while Bristol Myers Squibb reported adjusted earnings of $2.07 per share on $12.20 billion in revenue, surpassing the forecast of $1.63 per share and $11.55 billion in revenue. Norfolk Southern also exceeded expectations with adjusted earnings of $3.06 per share, compared to the predicted $2.86. Charter Communications experienced a 15% increase in stock value after reporting $13.69 billion in revenue, above the $13.59 billion forecast. Conversely, Southwest Airlines' stock dipped 2.7% following a downgrade from Deutsche Bank, reflecting a profit decline in the second quarter. In other notable performances, Alexander & Baldwin reported revenue of $51 million, surpassing the $48.3 million estimate, while Sweetgreen shares rose over 5% after being named a top pick by Oppenheimer. Texas Roadhouse also exceeded expectations with earnings of $1.79 per share, and Colgate-Palmolive reported adjusted earnings of 91 cents per share on $5.06 billion in revenue, slightly above analyst predictions.