Core Insights - PepsiCo's zero-sugar initiative is central to its strategy for beverage growth amid changing consumer preferences [1][4] - The company is experiencing positive share gains globally, particularly in the cola category, due to its focus on no-sugar variants and taste-led marketing [1][4] Beverage Strategy - PepsiCo is enhancing its position in health-oriented beverages through strong performances from Gatorade Zero and Propel, indicating a successful alignment with consumer demand for low-calorie options [2] - The company is committed to cleaner ingredient profiles by eliminating artificial flavors and colors, and plans to launch new protein-infused beverages in late 2025 and early 2026 [3] Competitive Landscape - PepsiCo faces competition from Coca-Cola and Keurig Dr Pepper, both of which are investing heavily in zero-sugar and health-conscious products [5][6][7] - Coca-Cola Zero Sugar is a leading product in Coca-Cola's portfolio, benefiting from strong brand presence and effective marketing strategies [6] - Keurig Dr Pepper is leveraging its diverse portfolio to attract health-conscious consumers with zero- and low-calorie options [7] Financial Performance - PepsiCo's shares have declined approximately 5.8% year-to-date, contrasting with the industry's growth of 6.8% [8] - The company trades at a forward price-to-earnings ratio of 17.66X, which is below the industry average of 18.10X [10] - The Zacks Consensus Estimate indicates a projected decline of 3.4% in 2025 earnings, with a subsequent growth of 5.2% in 2026 [11]

Core Viewpoint - Coca-Cola is set to report its second-quarter financial results, with analysts expecting a revenue increase to $12.54 billion, up from $12.36 billion in the same quarter last year [1] Earnings Estimates - Analysts predict Coca-Cola will report quarterly earnings of 83 cents per share, a slight decrease from 84 cents in the previous year [3] - The company has consistently beaten earnings estimates, achieving this in five consecutive quarters and eight out of the last ten [3][2] Market Context - Coca-Cola's results come after PepsiCo's recent earnings report, which exceeded analyst expectations and raised full-year guidance [4][5] - The weak dollar is anticipated to positively impact Coca-Cola's earnings in key foreign markets, such as Latin America and Asia [6] Analyst Insights - Bank of America Securities analyst Bryan D. Spillane remains bullish on Coca-Cola, citing resilient growth and improving fundamentals [6] - Spillane has reiterated a Buy rating with a price target of $66, suggesting that Coca-Cola's strength is not fully reflected in its stock price [7] Key Items to Watch - Analysts will be focused on the potential impact of tariffs and the company's response to President Trump's comments about using real cane sugar in its beverages [10][8] - Coca-Cola may consider offering a version of its product with real cane sugar while maintaining its regular formula due to cost and logistics concerns [9] Stock Performance - Coca-Cola stock is currently trading at $70.08, reflecting a year-to-date increase of 13.3% [13] - The stock's performance is significant as it is a key holding in Warren Buffett's Berkshire Hathaway, which owns over 400 million shares [11][12]

Market Performance - Most major averages posted gains for the week, with the S&P 500 up 0.6% and the Nasdaq Composite gaining 1.5% [2] - Small cap stocks were the second-best performing group, up 0.8% [2] Earnings Season - Earnings are on pace to be up 5.6%, marking the eighth consecutive positive quarter, but this would be the lowest growth since Q4 2023 [3] - A total of 100 companies are scheduled to report earnings, with major tech names like Google and Tesla reporting on Wednesday [3] Tariff Developments - The deadline for tariffs is approaching, with the Trump administration considering blanket tariffs on the EU of 15% or more [4] - European Union envoys are planning to meet to discuss retaliatory measures if no deal is reached before the August 1st deadline [4] Consumer Sentiment - Recent reports on consumer sentiment showed better-than-expected results, indicating consumers feel more positive about the economy [5] - However, there are underlying concerns regarding the types of jobs being created, primarily in healthcare, government, and education, which may not stimulate economic growth [8] Housing Market - New home sales are at their lowest level since the housing crisis, which could be a concerning sign for wealth building in the country [9] - The Federal Reserve's influence on mortgage rates is limited, as these rates are determined by the market [9] Federal Reserve - Jerome Powell is scheduled to speak, and there is significant attention on his future as Fed Chair, with markets seeking reassurance that he will remain until his term ends in 2026 [10] Company Focus - Coca-Cola is set to report earnings, with an expected move of $1.58 for the week [11] - Netflix's response to its recent stock pullback will be closely monitored, along with the upcoming earnings announcements for Google and Tesla [11]

Core Insights - Coca-Cola is scheduled to release its earnings on July 22, 2025, with analysts predicting earnings of $0.84 per share on revenues of $12.55 billion, compared to $0.84 per share on revenues of $12.31 billion in the same quarter last year [3] - Historically, Coca-Cola stock has shown a 72% rate of positive one-day returns following earnings announcements over the past five years, with a median positive return of 1.4% and a maximum of 4.7% [2][7] Financial Performance - Coca-Cola currently has a market capitalization of $298 billion and generated $47 billion in revenue over the past twelve months, with operating profits of $14 billion and net income of $11 billion [4] - The company has recorded 18 earnings data points in the last five years, yielding 13 positive and 5 negative one-day returns, with a median of -0.6% for negative returns [7] Trading Strategies - Traders can utilize historical trends to inform their strategies, focusing on pre-earnings positioning and post-earnings analysis to optimize trading choices [6] - The correlation between one-day and subsequent five-day returns can provide insights for traders, suggesting a "long" position if the one-day post-earnings return is positive [8] Peer Performance - The performance of peers can influence Coca-Cola's stock reaction following earnings, with historical data indicating that peer stock returns may affect the pricing in prior to Coca-Cola's earnings announcement [9]

Economic Policy and Market Impact - President Trump's "Great Reset" aims to revive U.S. manufacturing through tariffs, with economic and national security implications [1] - Long-term benefits of the policy may take years, but immediate impacts include increased commodity demand and currency fluctuations, with the dollar experiencing its worst first half since 1972 [2] - The administration's focus on lower taxes and reduced regulation, alongside potential Federal Reserve interest rate cuts, could accelerate growth [3] Investment Opportunities - Investors are gravitating towards technology stocks, but a diversified portfolio with strong growth and stable income is also advisable [4] - Freeport-McMoRan, a major copper producer, is positioned well due to expected demand from U.S. infrastructure projects, despite current mining stock underperformance [5][7] - The company has a strong balance sheet with a debt-to-equity ratio of 0.30%, and analysts forecast an additional 15% upside for its stock [8] Sector Analysis - Coca-Cola, while often overlooked, has shown a 10.9% stock increase in 2025, benefiting from strong demand and pricing power [9][10] - A weaker dollar positively impacts Coca-Cola's revenues from international markets, enhancing reported sales and profits [11] - Despite a higher P/E ratio of 27, Coca-Cola's dividend yield of 2.92% and consistent cash flow make it attractive for income-focused investors [12] Defensive Stocks - Verizon Communications offers reliable dividends with a current yield of 6.65%, appealing to wealth preservation investors [15][16] - The company's stock has increased by about 8% in the past year, supported by decreasing capital expenditures on 5G and a stable subscription model [16][17] - Although Verizon has a Moderate Buy rating, some analysts suggest other stocks may present better investment opportunities [18]

The Coca-Cola Company KO will release earnings results for the second quarter, before the opening bell on Tuesday, July 22. Analysts expect the beverage company to report quarterly earnings of 84 cents per share, compared to 84 cents per share in the year-ago period. Coca-Cola projects to report quarterly revenue of $12.55 billion, compared to $12.31 billion a year earlier, according to data from Benzinga Pro. On July 18, Coca-Cola named Luisa Ortega as president of the Europe operating unit effective Sept. ...

软商品日报 2025/07/21 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明 】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论和 建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情形 下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行使 独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有 悖原意的引用、删节和修改。本公司保留追究相关 ...

Earnings Reports - 112 S&P 500 companies are reporting earnings this week, including five from the Dow Industrials [2] - For Q2, 83% of the 12% of S&P 500 companies that have reported so far have shown a positive EPS surprise and a positive revenue surprise [3] - Alphabet is expected to report EPS of $2.19 on nearly $94 billion in revenue, with 25 upward revisions to earnings and 17 upward revenue revisions [4][5] - Tesla is projected to report EPS of $0.41 on sales of $22.4 billion, with significant negative analyst sentiment reflected in 24 downward EPS revisions and 26 downward sales revisions [6][7] Market Sentiment - Analysts express concerns over Tesla's expected double-digit declines in revenue and EPS due to slowing EV adoption rates and brand backlash against Elon Musk [7] - The current strategic position of Alphabet is viewed positively due to its dominance in digital advertising and YouTube, alongside expectations for growth from its proprietary LLMs in GenAI [5] Economic Outlook - Wells Fargo economists indicate that conditions are not favorable for increased capital expenditures, with businesses facing uncertainty around trade policy and economic growth [10] - The manufacturing sector is described as being in a cautious holding pattern, leading firms to cut costs and delay hiring [10] Central Bank Independence - Speculation is rising regarding potential moves by Trump to oust Fed Chairman Powell, raising concerns about the independence of the Federal Reserve [11][12] - Goldman Sachs and BofA CEOs emphasize the importance of central bank independence, warning that losing it could undermine inflation control [12]

Core Viewpoint - Dividend stocks are highlighted as a solid strategy for investment portfolios, providing consistent income and potential for wealth growth through reinvestment [1][2]. Group 1: Dividend Stocks Overview - Dividend stocks are suitable for all types of investors, including beginners and retirees, as they offer a way to enhance savings and provide income during retirement [2][3]. - Established companies with consistent dividend payouts are preferred for investment [3]. Group 2: Company Analysis Coca-Cola - Coca-Cola holds a dominant position in the beverage industry with a 48% market share in 2024 and offers a diverse product range beyond its flagship cola [5]. - The company's revenue in Q1 declined by 2% to $11.1 billion, but it mitigated losses through increased sales in China, India, and Brazil [6]. - Net income attributable to shareholders was $3.33 billion, translating to $0.77 per share, an increase from the previous year, with a dividend yield of 2.9% [6]. American Express - American Express is favored by prominent investors like Warren Buffett, with Berkshire Hathaway holding a 21.6% stake [8]. - The company targets a more affluent customer base and operates its own payment network, generating revenue from card issuance and interest on loans [9]. - Revenue in Q1 was $2.6 billion, with earnings per share at $3.64, both showing an increase from the previous year, and it has a dividend yield of 1% [9]. McDonald's - McDonald's is the leading fast-food chain globally, with over 43,000 locations and a strong franchise model [10]. - The company has faced challenges with global sales down 0.1% in 2024 and a 3.6% decline in U.S. sales, but it is implementing strategies like value menus and loyalty programs to drive traffic [11][12]. - Despite the sales decline, McDonald's plans to open 2,200 new locations in 2025, aiming for over 2% growth in global sales, and offers a dividend yield of 2.4% [12].

Core Viewpoint - PepsiCo's stock has experienced a significant sell-off, but the decline has created a potential buying opportunity as the stock is now at historical lows, with a strong dividend yield and upside potential for long-term investors [1][2][3]. Financial Performance - PepsiCo reported Q2 earnings with revenue of $22.73 billion, a 1% increase, surpassing consensus estimates by 190 basis points [11]. - The company reaffirmed its full-year guidance for revenue, earnings, and capital returns, including a 5% increase in dividends and $1 billion in share buybacks by year-end [13]. Stock Outlook - The current stock price is $143.24, with a 12-month price forecast of $157.93, indicating a 10.26% upside potential [7]. - Analysts predict a 17% price increase by the end of the year, with a critical resistance target at $158 [9][10]. Institutional Activity - Institutions have been buying PepsiCo stock during the recent price decline, indicating strong institutional support [5][6]. - The buying activity is expected to continue into Q3, providing a favorable environment for the stock's recovery [8]. Technical Analysis - The stock has shown bullish indicators, with a positive market response following the Q2 release, confirming support at the 30-day exponential moving average [14][15]. - The stock is poised for a potential upward trend as it begins to reverse from recent lows [15].