On July 29, Mondelez rose 3.12% overnight, trading at $64.43/share, with turnover of $697.23.

The movement was driven by the company's Q2 earnings report released after market close on July 28. Mondelez reported adjusted earnings of $0.73 per diluted share, beating the analyst consensus estimate of $0.68 by 7.35%. Revenue for the quarter ended June 30 came in at $9.36 billion, up from $8.98 billion a year earlier, surpassing the FactSet consensus estimate of $9.21 billion. While adjusted EPS was flat year-over-year, the magnitude of the beat on both top and bottom lines provided a positive catalyst.

For full-year guidance, the company maintained its expectation of adjusted EPS growth in the range of flat to 5% on a constant currency basis. The results reinforce the improving earnings trajectory highlighted by Morgan Stanley earlier this year, which cited underlying organic sales growth momentum and the onset of cocoa cost deflation in the second half as key drivers of positive earnings revisions.

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