Core Insights - Starbucks reported quarterly results that showed profits missed forecasts, but the first positive quarter of global same-store sales in nearly two years led to a rise in shares [1][3]. Financial Performance - In the fiscal fourth quarter ended September 28, Starbucks reported adjusted earnings per share of $0.52, missing forecasts of $0.55. Revenue was $9.6 billion, exceeding expectations of $9.34 billion [2]. - US same-store sales were flat, aligning with estimates, while same-store sales in China rose by 2%, slightly below the expected 2.2% [2]. Global Sales Trends - Global same-store sales increased by 1%, surprising analysts who forecasted a 0.5% decline, marking the first positive global comp sales in seven quarters [3]. - Following the earnings release, Starbucks stock initially rose by 3% but later lost gains in after-hours trading [3]. Strategic Changes - The company closed 627 stores during the fiscal year, with 90% located in North America, as part of a strategy to eliminate unprofitable locations and reduce corporate jobs, resulting in the elimination of 900 non-retail roles [4]. - CFO Cathy Smith indicated that the closed stores did not meet customer experience standards, despite potential profitability [5]. Market Outlook - Analyst Chris O'Cull noted that visitation trends have not improved in the current quarter, emphasizing that signs of same-store sales recovery during the holiday season will be crucial for near-term share price performance [6]. - CEO Brian Niccol expressed optimism about trends in the fiscal first quarter but acknowledged that customers are becoming more selective in their spending [6].

Starbucks 观点 - Melius Research 给予星巴克“卖出”评级，认为其是一项转型投资[1] - 投资者更关注客流量而非每股收益，即使利润率承压，客流量加速增长也可接受[2] - 推出 Green Apron 计划可能增加劳动力成本压力，但未必带来客流量的显著增长，投资者关注门店表现及未来展望[2][3] - 星巴克多年来提价，但体验和质量未跟上，应考虑降价或推出入门级产品以提升客流量[4][5] - 咖啡价格上涨将在未来一年对利润造成压力，但降价策略有助于提升客流量，这才是投资者关注的重点[5] - 市场传闻星巴克可能出售中国业务的股份甚至全部业务，公司正在寻找合适的战略合作伙伴[6] - 中国市场面临来自瑞幸咖啡和 Cotti Coffee 等本土品牌的竞争压力，出售价格和业务前景是关键[7] Chipotle 观点 - Chipotle 的业绩预期相对较低，投资者同样关注客流量[8] - 快餐行业面临定价压力和新品牌涌现，Chipotle 的营收可能承压[8][9]

Core Viewpoint - RB Global is experiencing a turnaround with improved market conditions, positioning 2026 as a pivotal year for growth following the IAA acquisition [1][2] Near-Term Headwinds and 2026 Growth Outlook - Recent challenges such as limited catastrophic events and softness in repairable claims may impact near-term performance, but 2026 is expected to mark a return to steady growth for RB Global [2] - The brokerage anticipates gross transaction value (GTV) to shift from flat levels in 2024-2025 to mid-single-digit growth in 2026, with further improvements into 2027 as the Commercial, Construction & Transportation (CC&T) sector recovers and the auto segment gains market share [3] Operational Performance - RB Global is positioned to become a consistent double-digit EBITDA compounder, supported by strong free cash flow and reduced cyclicality through operational leverage and disciplined execution [4] Salvage Business Fundamentals - The fundamentals of RB's salvage business remain robust, with rising repair costs and increasing vehicle complexity differentiating it from the general used-car market [5] - While tighter household budgets may lead some consumers to forgo minor repairs, significant accidents will still drive vehicles into the salvage channel [5] Auto and Commercial Segment Growth Drivers - The auto vertical, accounting for approximately 54% of GTV, is viewed as a key growth driver, with the integration of IAA expected to help regain lost market share from competitor Copart [6] - The legacy CC&T segment, which makes up about 34% of GTV, has faced downturns but is projected to stabilize in 2026 due to increased truck bankruptcies and rising capital expenditures from rental operators [7] Financial Projections - Bank of America has adjusted its earnings per share (EPS) projections for RB Global, estimating $3.71 for 2025, $4.30 for 2026, and $4.80 for 2027 [7] - Revenue forecasts have also been revised, with 2025 revenue expected at $4.54 billion, 2026 at $4.87 billion, and 2027 at $5.29 billion [8] - The price forecast of $120 is based on a valuation of 17.5x 2025E EV/EBITDA, aligning with peers in the industrial services sector [8]

Core Viewpoint - Starbucks Corporation (NASDAQ:SBUX) is undergoing a turnaround similar to Nike, with CEO Brian Niccol emphasizing that this process will take time [2]. Group 1: Company Performance - The recent sluggishness in Starbucks shares is attributed to analyst over-optimism rather than the actual turnaround progress [2]. - There is a belief that the current quarter may be the last challenging period for Starbucks, with expectations for a positive outlook by 2026 [3]. Group 2: Investment Perspective - While Starbucks is seen as a potential investment, there is a conviction that certain AI stocks may offer higher returns with limited downside risk [3].

Core Viewpoint - The investment community has lost confidence in Nike, a global leader in sportswear, which has faced significant challenges in recent years [1][2] Financial Performance - Nike's revenue and net income for fiscal 2025 were down 10% and 44% respectively compared to the previous year, contributing to a decline in stock price [4] - In Q1 2026, Nike reported a slight revenue gain of 1%, but faced a 9% sales dip in China and pressure on gross margins due to discounting and tariffs [6][7] - The stock is currently trading 62% below its all-time high and has fallen 11% in 2025, indicating a lack of market confidence [2][13] Strategic Initiatives - Nike is focusing on rebalancing its distribution strategy, emphasizing wholesale accounts over its digital channel, and improving product innovation to enhance customer engagement [5] - The company is adopting a sport-centric approach by putting the "athlete back at the center" of its strategy [5] Market Outlook - Management anticipates low single-digit revenue declines in the current quarter, which includes the critical holiday shopping period [7] - Wall Street analysts project an 11% sales increase from fiscal 2025 to fiscal 2028, suggesting a potentially positive long-term outlook [7] Brand Positioning - Despite challenges, Nike maintains a strong brand presence and pricing power, supported by effective marketing and high-profile endorsements [10][11] - The company is viewed as operating from a position of strength, although it faces competition from younger rivals [10] Investment Considerations - Nike's current price-to-sales ratio of 2.2 is among the lowest in the past decade, indicating low market expectations but potential upside if fundamentals improve [14] - The company is considered a risky investment due to high uncertainty, and while it may not offer explosive growth, it could appeal to risk-tolerant investors [12][15]

Core Insights - The consumer goods sector is currently facing pressure due to macroeconomic concerns, but many stocks are oversold, presenting potential investment opportunities [2][3] Group 1: Conagra Brands - Conagra Brands is a packaged foods company known for brands like Duncan Hines and Healthy Choice, facing negative sentiment due to inflation, low growth, and high debt [5] - The company trades at a forward P/E ratio of 10.9, which is lower than peers like General Mills at 13.8, indicating potential for valuation improvement [6] - Conagra offers a forward dividend yield of 7.5%, providing steady returns while awaiting a turnaround [6][8] Group 2: Keurig Dr. Pepper - Keurig Dr. Pepper is under market pressure due to concerns over its $18 billion acquisition of JDE Peet's and subsequent plans to split into two companies [9] - The transaction is seen as complex but has the potential to unlock and create value, with the stock trading at less than 12 times forward earnings, a discount compared to industry peers [10]

B&M saw shares crash more than 20pc after Mike Schmidt’s announced his resignation - Britpix / Alamy Stock Photo The finance chief of B&M has quit after an accounting blunder triggered the discount retailer’s second profit warning in a month. Mike Schmidt, 45, is leaving the retailer following the company’s failure to include £7m worth of freight costs in its latest results – meaning B&M overstated its profits. The mistake led to the retailer releasing inflated profit forecasts earlier this month. As a ...

[Applause] I love turnaround stories, but good turnarounds take time and a lot of people give up about 6 to 18 months in when they realize it's not going to happen immediately. You can see that right now in Starbucks and Nike. I'm getting the sense that many of you believe that neither Elliot Hill nor Brian Nickel is up to the task of saving their companies from the throws of failure.But all that does is make me want to double down from my charitable trust. Let me tell you why. Earlier this week, I met with ...

Nestlé to Slash 16,000 Jobs as New CEO Speeds Up Turnaround. Listen for more on Bloomberg Intelligence. https://t.co/cLSr2T1vQR ...

Skip to Main Content This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. This Food Stocks Pro Sizes Up Industry Winners and Sinners. Why PepsiCo Shouldn't Split. TD Cowen analyst Robert Moskow likes Celsius' latest purchase, but not Keurig Dr Pepper's coffee deal. Robert Mos ...