The Daily Beat - December 18, 2025 πŸ“ˆ

December 18, 2025

Earnings season is the heartbeat of the market, and every day brings fresh signals about where money is flowing.

With each report, we learn not just how companies are performing, but how investors are reacting.

In the Daily Beat, we spotlight the most important S&P 500 earnings moves from the prior session: the winners, the losers, and the reactions that reveal what really matters to the market right now.

Whether it’s a bellwether with broad economic implications or a niche name making waves, we cut through the noise to focus on the setups that matter most.

Here are the latest earnings stats from the S&P 500 πŸ‘‡

Beat Sheet (12.18.2025)

*Click the image to enlarge it

At the top of Wednesday's Beat Sheet was the $26B packaged foods stock, General Mills $GIS. Following a double beat, shareholders were rewarded with a +3.33 reaction score.

The company reported $4.86B in revenues, beating the expected $4.78B, and earnings per share of $1.10, beating the expected $1.03.

On the flip side, the second-largest homebuilder, Lennar $LEN, posted mixed results, and shareholders suffered a -1.12 reaction score.

Revenues came in at $9.37B, beating the expected $9.00B, but earnings per share missed by 28 cents.

Now let's dive into the fundamentals and technicals  πŸ‘‡

GIS had its best earnings reaction since Q3 2022 πŸ”₯

GIS Chart (12.18.2025)

General Mills had a +3.4% post-earnings reaction, and here's what happened:

  • The top-line decreased 7% year-over-year, and EPS cratered 21% over the same period.
  • The company is leaning into the strength of its pet products by acquiring Whitebridge Pet Brands for $1B.
  • Despite broad weakness across the business, the management team reaffirmed its forward guidance. 

While this wasn't a "good" earnings report, it wasn't as bad as the market expected.

As you can see, the stock has been in a relentless downtrend for years. Everyone already knows this company sucks.

Coming into the report, the sellers were putting the finishing touches on a prolonged distribution pattern.

However, Wednesday's positive earnings reaction sparked a quick move back above a key level of interest.

Additionally, yesterday's earnings reaction was the best we've seen in years. This is a significant change in earnings sentiment from Mr. Market.

So long as GIS holds above its 2020 lows, we expect the price to churn sideways.

LEN had its 10th consecutive negative earnings reaction 🐻

LEN Chart (12.18.2025)

Lennar had a -4.5% post-earnings reaction, and here's what happened:

  • The company delivered 23,034 homes and sold just over 20,000 during the quarter, exceeding delivery goals. However, this came at the expense of margin, which fell to 17% due to affordability challenges and increased incentives.
  • The average sales price was $386,000, down from $430,000 at the same time last year.
  • In addition to the bad earnings report, the management team gave disappointing forward guidance.

We highlighted this report in the latest Weekly Beat column, noting that the company had been punished for nine consecutive earnings reports.

After Wednesday's beatdown, this streak has been extended to ten. This is the longest in the S&P 500, and one of the longest in the entire stock market.

The market knows this company is in a terrible position, and shareholders are consistently being punished for hanging on.

Confirming the negative fundamental trend are the technicals. The stock has carved out a textbook multi-year distribution pattern.

While the sellers have some work to do, they remain in complete control of the primary trend.

If and when LEN closes below 103, we expect the downside momentum to accelerate.

Thank you for reading

-The Beat Team

P.S. Steve Strazza and Kenny Glick are going live on TODAY at 3 pm ET to show you one of their favorite market anomalies.

Reserve your seat before it's too late.