How did EMN's Q3 earnings surprise impact its stock?

Eastman Chemical's (EMN) Q3 earnings surprise had a negative impact on its stock. Here's the analysis:

1. **Q3 Earnings Expectations**: Analysts had lowered their Q3 2024 earnings per share (EPS) estimates for Eastman Chemical, with Zacks Research forecasting an EPS of $2.07.
2. **Earnings Surprise**: EMN's actual Q3 earnings were $2.15 per share, which was a surprise of $0.08 per share when compared to the analyst estimates. This indicates that the company performed better than expected.

|code|Ticker|Name|Date|Revenue Surprise|Percentage Change|market_code|
|---|---|---|---|---|---|---|
|EMN|EMN.N|Eastman Chemical|20231002||-1.6163|169|
|EMN|EMN.N|Eastman Chemical|20231003||-0.3842|169|
|EMN|EMN.N|Eastman Chemical|20231004||0.8246|169|
|EMN|EMN.N|Eastman Chemical|20231005||-2.902|169|
|EMN|EMN.N|Eastman Chemical|20231006||0.4211|169|
|EMN|EMN.N|Eastman Chemical|20231009||-1.6369|169|
|EMN|EMN.N|Eastman Chemical|20231010||2.008|169|
|EMN|EMN.N|Eastman Chemical|20231011||0.0809|169|
|EMN|EMN.N|Eastman Chemical|20231012||-1.4819|169|
|EMN|EMN.N|Eastman Chemical|20231013||-0.6564|169|

3. **Stock Reaction**: Despite the positive earnings surprise, Eastman Chemical's stock price fell. This could be due to various factors, including market conditions, investor sentiment, and other company-specific news. The stock price did not reflect the positive earnings surprise, suggesting that the market may have had concerns or reacted differently to the earnings report.
4. **Market Cap and Sector**: EMN, valued at a market cap of $12.9 billion, operates in the specialty materials and chemical manufacturing industry. The sector can be volatile, and market reactions to earnings reports can vary based on industry trends and global economic conditions.

In conclusion, while Eastman Chemical's Q3 earnings exceeded expectations, the stock did not show a positive reaction, indicating that factors other than earnings may be influencing investor sentiment.