Giverny Capital Asset Management highlighted AAON, Inc. as a case where emotion triggered impulsive trades, noting in its second-quarter 2026 investor letter that the stock surged 31% in a single day after reporting strong earnings, only to subsequently give back a fair amount of that gain. The firm pointed to AAON's data-center cooling systems business as a driver of demand. AAON closed at $105.61 per share on July 21, 2026, with a market capitalization of $8.65 billion, posting a one-month return of negative 19.75% and a 52-week gain of 34.11%. Giverny Capital's model portfolio returned 13.70% for the quarter versus the S&P 500's 15.20%, and 5.89% year-to-date against the index's 10.21%.
AAON IncAAON's data-center cooling systems business is highlighted as a demand driver, and the stock surged 31% on strong earnings.