Neogen Corp's shares surged 11% after the company raised its fiscal year revenue guidance to a range of $885 million to $890 million, surpassing both its previous forecast and the FactSet consensus of $883.2 million.
In contrast, Penguin Solutions saw a more than 4% increase in its stock price following fourth-quarter results that exceeded expectations, reporting adjusted earnings of $1 per share on revenue of $566.7 million, well above the anticipated 77 cents per share and $521 million in revenue.
Conversely, Constellation Brands' shares fell 5% despite reporting better-than-expected fiscal second-quarter results, with earnings of $3.74 per share on revenue of $2.63 billion, exceeding analyst expectations of $3.56 per share and $2.54 billion in revenue.
However, the company faced challenges as beer operating margins decreased by 160 basis points year-over-year, and depletions, a critical demand metric, declined slightly compared to the previous year.
Flutter Entertainment, the parent company of FanDuel, saw its stock rise nearly 3% after Citi upgraded its rating from neutral to buy, suggesting that concerns regarding recent share price weakness related to Brazil and September U.S. sports results are overstated