Deckers - Deckers shares are under heavy pressure, down approximately 14% following earnings results, adding to a 50% decline earlier this year [1] - The company reported EPS of $1.82 and revenue of $1.43 billion, both better than expected, but provided weaker guidance for 2026 sales at $5.35 billion [1] - Direct-to-consumer sales for Uggs declined by about 10%, while Hoka gained market share, indicating mixed performance [1] - The company anticipates $150 million in unmitigated expenses from tariffs, which is a headwind for the stock [1] Newmont Mining - Newmont Mining's stock is lower despite a significant earnings beat, with adjusted EPS at $1.71 and revenue up 20% to $5.5 billion [1] - The company warned of a dip in Q4 free cash flow due to construction spending in Peru and severance payments accrued in Q3 [1] - The correlation to gold prices has impacted stock performance, with a recent pullback in gold prices affecting investor sentiment [1] Procter & Gamble - Procter & Gamble shares rose by 2.25% after reporting better-than-expected earnings, driven by strong performance in beauty and grooming segments [1][2] - Beauty revenue reached $22.39 billion, with organic sales increasing and beauty sales up 6%, attributed to brands like Olay and SK2 [1] - The CFO noted a stable but challenging consumer environment, with higher-income shoppers trading up while lower-income consumers are more price-sensitive [2]

Core Insights - Procter & Gamble (PG) has relied on price increases to mitigate inflationary pressures but faces challenges in sustaining this strategy as consumer behavior shifts towards seeking value [1][2][3] - The company aims to achieve $1.5 billion in annual savings while managing $1 billion in tariffs and $200 million in commodity costs expected in 2026 [3][8] - PG's brand superiority and innovation are crucial for maintaining pricing power, with successful examples in products like Pampers and Swiffer [2][8] Pricing Strategy and Market Dynamics - PG's pricing strategy has been effective in balancing volume and pricing gains, but category growth has slowed in key markets, particularly in North America and Europe [1][8] - Competitors like Colgate-Palmolive and Church & Dwight are also using price increases and premium innovations to offset rising input costs, but face limitations in pricing power [4][5][6] Financial Performance and Projections - PG's shares have declined approximately 7.5% year-to-date, underperforming the industry average decline of 4.3% [7] - The forward price-to-earnings ratio for PG is 22.01X, compared to the industry average of 19.79X, indicating a premium valuation [9] - The Zacks Consensus Estimate projects year-over-year EPS growth of 2.3% for fiscal 2025 and 6.3% for fiscal 2026, although estimates have been revised downward recently [10][11]

Core Viewpoint - Procter & Gamble (P&G) is restructuring its operations due to a slowdown in consumer spending, which includes laying off up to 7,000 workers over the next two years and potentially exiting lower-performing brands [3][4][6] Group 1: Layoffs and Workforce Impact - The layoffs will affect approximately 6.5% of P&G's total workforce, with a disproportionate impact on white-collar jobs, which will see a 15% reduction [5][6] - P&G employs over 30,000 workers in the U.S. and has a global workforce of around 108,000, with 48% of total revenues coming from the U.S. market [4][6] Group 2: Consumer Spending Trends - Consumer spending in the U.S. has slowed, with growth rates dropping from about 4% last year to around 2% this year, and organic sales for North America rising only 1% in the fiscal third quarter [3][4][6] - The CFO noted that consumer consumption has decreased to about 1% in February and March, down from approximately 3% over the past year [6] Group 3: Financial Implications - The restructuring program is estimated to cost between $1 billion and $1.6 billion, aimed at ensuring long-term business viability despite current challenges [6][8] - The company is adjusting its brand portfolio to better align with consumer demand, a strategy it has employed since its founding in 1837 [8]