Why General Mills Stock Popped by Almost 3% Today
Never underestimate the power of a good breakfast, nor the potential of a good breakfast stock. A day after its share price slid following the release of its quarterly results, cereal king General Mills (NYSE: GIS) was a standout on Wednesday. Its shares rose by nearly 3% on the day, nearly doubling the percentage gain of the S&P 500 index.
It was obvious that investors were having second thoughts about their collective initial reaction to General Mills' fiscal 2023 second-quarter report, which arrived Tuesday morning.
Perhaps it was a case of delayed optimism, as the company actually beat analysts' consensus estimates -- if not spectacularly -- for both revenue and net income. On top of that, the food purveyor raised its guidance for sales growth and non-GAAP (adjusted) earnings. Perhaps the economic slowdown that some fear is in our future affected the market's sentiment, since investors traded out of the stock Tuesday despite the twin beats.
Source Fool.com
