Take a look at the companies making headlines in afternoon trading: 3M – The stock shot up 23% to a 52-week high after the maker of office supplies and adhesives reported stronger-than-expected quarterly results. 3M posted second-quarter adjusted earnings of $1.93 per share, beating the LSEG estimate of $1.68 per share. Turnover also exceeded expectations. Dexcom – Shares fell 40.7% after the medical device maker missed second-quarter revenue expectations and gave weak full-year guidance on the measure. Dexcom said it earned $1 billion in revenue during the three-month period, below the consensus forecast of $1.04 billion from analysts surveyed by LSEG. Coursera – The online course provider rose 44.7% after reporting $170 million in second-quarter revenue, above the $164 million consensus estimate from analysts surveyed 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 rose 40.5% after announcing second-quarter adjusted earnings of 36 cents per share, well above the consensus estimate of 21 cents per share, according to LSEG. However, Newell posted only $2.03 billion in revenue, slightly less than Wall Street’s $2.05 billion expectation. Deckers Outdoor – The footwear company’s shares rose 6.3% on its better-than-expected first-quarter earnings report. Deckers, which saw its sales rise due to the Uggs and Hoka brands, posted a profit of $4.52 per share on sales of $825 million. That beat analyst expectations for earnings of $3.48 per share on revenue of $808 million, per LSEG. Boston Beer – The alcoholic beverage maker fell 7.5% after affirming its full-year earnings per share guidance despite a weak second quarter. Boston Beer earned $4.39 per share on revenue of $579 million, while analysts surveyed by LSEG expected earnings of $5.02 per share on revenue of $597 million. Mohawk Industries – The flooring company rose 19.5% on stronger-than-expected adjusted earnings in the second quarter. Mohawk also said it could generate annualized savings of $100 million through cost-saving initiatives. Bristol Myers Squibb – Pharmaceutical stocks rose nearly 11.4% after beating expectations at the top and bottom end of the second-quarter report. Bristol Myers Squibb posted adjusted earnings of $2.07 per share on revenue of $12.20 billion. Analysts polled by LSEG expected earnings per share of $1.63 on revenue of $11.55 billion. Sales rose 9% year over year, partly thanks to its anti-blood clot drug Eliquis. Norfolk Southern – Shares of the railroad rose 10.9% after reporting a second-quarter profit decline. Norfolk Southern’s adjusted earnings came in at $3.06 per share, above the $2.86 per share that analysts surveyed by LSEG had forecast. Turnover was in line with expectations. WW International – The parent company of Weight Watchers plummeted 12.5% after a Morgan Stanley downgrade from overweight to equal weight. Morgan Stanley said drugs used to treat obesity pose long-term headwinds to the company’s core business. Charter Communications – The telecommunications company rose 16.6% after reporting second-quarter revenue of $13.69 billion, more than analysts surveyed by FactSet forecast of $13.59 billion. Adjusted earnings before interest, taxes, depreciation and amortization came in at $5.67 billion, also beating The Street’s forecast of $5.48 billion. Coinbase – Shares of the crypto exchange added 4.9% following the digital currency’s rise. Bitcoin was last up more than 4%. Southwest Airlines – The airline’s shares fell 3% following a downgrade from Deutsche Bank to buy back after second-quarter profit fell. In addition to reporting earnings this week, Southwest also announced major changes to its operations, including the elimination of open seating. DoorDash – Food delivery stocks rose 4% after Redburn Atlantic initiated a buying spree. The company gave a price target that indicates an upside of about 68% from Thursday’s closing level. Alexander & Baldwin – Shares of the real estate investment trust rose 6.3% to hit a new 52-week high after reporting second-quarter results that beat expectations. Alexander & Baldwin posted revenue of $51 million, above the consensus estimate of $48.3 million, according to analysts polled by FactSet. Piper Sandler raised its rating on the stock from neutral to overweight and saw further upside potential. First Solar – Shares rose 4.9% after Guggenheim reiterated its buy rating on the solar solutions provider ahead of second-quarter results next week. The company believes the market has “significantly overreacted” to potential political risks surrounding the upcoming election and views the company as positioned to benefit from accommodative policies regardless of which party wins the White House. Sweetgreen – Shares rose 5.2% after Oppenheimer again named the salad chain as a top pick. Shares will more than double by 2024. FTAI Aviation – The engine materials company rose 6.9% after Stifel upgraded to buy out of hold. Stifel said the stock is worth buying given the industry dynamics, even if it is considered expensive. Texas Roadhouse – The restaurant chain climbed 2% after second-quarter earnings beat expectations. Texas Roadhouse earned $1.79 per share, above the $1.64 per share estimate of analysts surveyed by LSEG. Revenue was in line with expectations at $1.34 billion. Colgate-Palmolive – The consumer packaged goods maker rose 3% on better-than-expected second-quarter earnings. Colgate-Palmolive reported adjusted earnings of 91 cents per share on revenue of $5.06 billion, while analysts surveyed by LSEG expected 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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