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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.

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Source Fool.com

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