Eastman Chemical, Chevron, Atlassian, Beazer Homes, Walgreens, AbbVie, KLA, Deckers Outdoor, and Vertex Pharmaceuticals experienced notable stock movements following their latest earnings reports. Eastman Chemical's shares rose by 9% after the company exceeded fourth-quarter estimates, while Chevron's shares fell by 3.8% after missing earnings expectations in the same period. Atlassian's shares surged approximately 16% on better-than-expected fiscal second-quarter results, posting adjusted earnings of 96 cents per share on revenue of $1.29 billion.
Beazer Homes' shares declined by 16% after reporting fiscal first-quarter earnings that fell short of consensus expectations. The company's earnings per share of 10 cents missed the anticipated 31 cents as projected by analysts. In contrast, AbbVie's shares jumped by 6% after surpassing expectations on both the top and bottom lines in the fourth quarter.
KLA reported adjusted earnings of $8.20 per share on revenue of $3.08 billion, contributing to the market's mixed reactions. Deckers Outdoor faced a significant decline, with shares tumbling about 17% after failing to meet revenue estimates, despite raising its full-year revenue guidance to $4.9 billion. This figure still fell short of analyst expectations.
Walgreens is in the midst of "long-term turnaround efforts" with a focus on strengthening its balance sheet. The company's strategic initiatives are aimed at improving its financial standing over time, although specific impacts on its stock price were not detailed in the immediate aftermath of the announcement.
Vertex Pharmaceuticals witnessed a positive market response with shares increasing by 7% following the FDA approval of its non-opioid painkiller pill. This development marks a significant milestone for the company and contributed to the upward trend in its stock value.
Chevron's adjusted earnings came in at $2.06 per share, slightly below analyst forecasts of $2.11 per share. Despite this miss, the company remains a major player in the energy sector with ongoing evaluations to address its performance gaps.
Eastman Chemical's strong performance was further underscored by its full-year earnings outlook, which surpassed consensus expectations. This positive projection has reinforced investor confidence in the company's future growth potential.
Atlassian also reported fiscal third-quarter results that exceeded Wall Street estimates on both the top and bottom lines, further bolstering investor sentiment and contributing to the 16% surge in its stock price.