The Daily Beat - November 19, 2025 πŸ“ˆ

November 19, 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 (11.19.2025)

*Click the image to enlarge it

Tuesday's top beat came from Medtronic $MDT, a $129B medical devices stock. The company beat expectations across the board, and shareholders were rewarded with a +4.07 reaction score.

In the report, they posted revenues of $8.96B, beating the expected $8.87B, and beat earnings per share expectations by 5 cents.

At the bottom of Tuesday's list was the $335B home improvement retail giant, Home Depot $HD. Following a mixed earnings report, the market punished shareholders with a -3.75 reaction score.

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

MDT had its best earnings reaction since 2018 πŸ”₯

MDT Chart (11.19.2025)

Medtronic had a +4.7% post-earnings reaction, and here's what happened:

  • Revenues increased by 6.6% year-over-year, led by the cardiovascular segment, which posted its strongest growth in over a decade.
  • The diabetes segment is continuing to perform well, growing 7.1% year-over-year. The company plans to split the company into its own stock at the end of 2026.
  • In addition to the strong quarter, the management team raised its forward revenue and earnings guidance.

This has been one of our favorite bearish-to-bullish reversal patterns in the S&P 500 for months, but it was clear that the buyers needed a catalyst to take control of the primary trend.

As it turns out, this quarter's earnings report was the catalyst they'd been waiting for. Not only did the company beat and raise, but the stock had its best earnings reaction in years.

Now the bulls have a green light!

With MDT trading at the highest level since 2022, the path of least resistance is higher for the foreseeable future.

HD had its worst earnings reaction since 2002 🐻

HD Chart (11.19.2025)

Home Depot had a -6% post-earnings reaction, and here's what happened:

  • Revenues increased by 2.8% year-over-year, but earnings fell more than 1% over the same period.
  • The operating margin is contracting, and the inventory levels are increasing. This caused return on invested capital to shrink from 31.5% a year ago to 26.3%.
  • In addition to the terrible quarter, the management team said they expect earnings to continue declining.

We highlighted this report in a recent Weekly Beat column, noting that the company has missed its EPS estimate in three consecutive quarters. Now it's four, and the market isn't happy about it.

While we didn't expect the stock to rally after its earnings report, we didn't expect it to be this bad. This was the worst earnings reaction in decades!

The stock is in the middle of a big, messy range, and we see no reason for that to change anytime soon.

So long as HD is below 420, we expect the price action to be messy.

Thank you for reading

-The Beat Team

P.S. One setup. One process. 911 winners out of 913 trades.

Kenny calls it the Fo-Sho-Bro - you’ll call it consistent. See it live at the Hit The Bid Open House.