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Wire

Top Midday Stories: TSMC Earnings, Guidance Top Estimates But Shares Fall; PepsiCo Shares Rise Following Q1 Earnings Report

All three major US stock indexes were up in late-morning trading Thursday, as investors take in updates on the war in Iran as well as the latest large-company earnings reports.In company news, Taiwan Semiconductor Manufacturing (TSM), or TSMC, reported Q1 earnings Thursday of 22.08 New Taiwan dollars ($0.70) per diluted share, up from NT$13.94 a year earlier and above the FactSet consensus analyst estimate of NT$20.92. First-quarter net revenue was NT$1.134 trillion, up from NT$839.25 billion a year ago and above the FactSet consensus of NT$1.121 trillion. For Q2, the chipmaker said it expects net revenue of $39 billion to $40.2 billion, above the FactSet consensus of $38.09 billion. TSMC shares were down 1.9% around midday.PepsiCo (PEP) reported fiscal Q1 core earnings Thursday of $1.61 per diluted share, up from $1.48 a year earlier and above the FactSet consensus of $1.54. Fiscal Q1 net revenue was $19.44 billion, up from $17.92 billion a year ago and above the FactSet consensus of $18.95 billion. For fiscal 2026, PepsiCo said it continues to expect core constant currency EPS growth of 4% to 6% and organic revenue growth of between 2% and 4%. PepsiCo shares were up 2.1%.Abbott Laboratories (ABT) reported Q1 adjusted earnings Thursday of $1.15 per diluted share, up from $1.09 a year earlier and above the FactSet consensus of $1.14. First-quarter net sales were $11.16 billion, up from $10.36 billion a year ago and above the FactSet consensus of $11.00 billion. For Q2, Abbott said it expected adjusted diluted EPS of $1.25 to $1.31, below the FactSet consensus of $1.36. For full-year 2026, the company said it expects adjusted EPS of $5.38 to $5.58, down from its prior guidance of $5.55 to $5.80 and below the FactSet consensus of $5.60. Full-year 2026 comparable sales are expected to grow 6.5% to 7.5%, the company said. Abbott shares were down 4.4%.Charles Schwab (SCHW) reported Q1 adjusted earnings Thursday of $1.43 per diluted share, up from $1.04 a year earlier and above the FactSet consensus of $1.40. First-quarter net revenue was $6.48 billion, up from $5.60 billion a year ago but below the FactSet consensus of $6.50 billion. The company also said Thursday it will launch a spot cryptocurrency trading service for retail customers in the coming weeks. For a fee of 75 basis points per transaction, the platform will provide direct trading of bitcoin and ethereum alongside traditional investments, the company said. Shares of Schwab were down 4.8%.Stellantis (STLA) and Microsoft (MSFT) said Thursday they have signed a five-year strategic collaboration deal to co-develop advanced artificial intelligence, cybersecurity and engineering capabilities for the automaker's vehicles. Separately, Stellantis is planning a 100-million-euro ($117.9 million) investment to update its Poissy assembly plant near Paris, Bloomberg reported Thursday. The company will continue making vehicles at the facility through at least the end of 2028, the report said. Stellantis shares were down 0.8%, while Microsoft shares were up 1.6%.Oracle (ORCL) said Thursday it plans to expand its multicloud networking capabilities to provide high-performance connectivity between Oracle Cloud Infrastructure and Amazon's (AMZN) Amazon Web Services. Oracle shares were up 4.1%, while Amazon shares were down 0.3%.Sales of Tesla's (TSLA) Cybertruck were boosted by purchases from Elon Musk's other companies, Bloomberg reported Thursday, citing S&P Global Mobility registration data. Tesla shares were down 1.1%.Price: $368.08, Change: $-7.02, Percent Change: -1.87%

$ABT$AMZN$MSFT$ORCL$PEP$SCHW$STLA$TSLA$TSM
Sectors

Sector Update: Consumer Stocks Edge Higher Pre-Bell Thursday

Consumer stocks were edging higher pre-bell Thursday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) up 0.1% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) advancing by 0.2%.PepsiCo (PEP) stock was up 0.7% after the company posted higher fiscal Q1 core earnings and net revenue.Brown-Forman (BF.A, BF.B) continues to be in merger discussions with Pernod Ricard, Reuters reported, citing Pernod Ricard Chief Financial Officer Helene de Tissot. Brown-Forman shares were down 0.3% premarket.

$BF.A$BF.B$PEP$XLP$XLY
US Markets

PepsiCo Beats Fiscal First-Quarter Estimates; Maintains Full-Year Outlook

PepsiCo (PEP) reported higher-than-expected fiscal first-quarter results on Thursday amid affordability initiatives, while the beverage and snacks company reiterated its full-year outlook.Adjusted earnings came in at $1.61 a share for the quarter ended March 21, up from $1.48 the year before, topping the FactSet-polled consensus of $1.54. Revenue improved 8.5% to $19.44 billion, surpassing the Street's view of $18.95 billion. The stock increased 1.1% in the most recent premarket activity."We are pleased with our first-quarter results, which featured an acceleration in both net revenue and organic revenue growth," Chief Executive Ramon Laguarta said in a statement. "An extensive commercial agenda, which includes the restaging of large global brands, innovation activity and certain affordability initiatives, is being executed well and business performance improved."In February, PepsiCo announced plans to cut prices of several snack brands by up to 15%, including Lay's, Doritos and Cheetos. The move came after the company said in December that it was looking to lower prices and eliminate some of its products in the US to boost organic revenue growth following discussions with activist investor Elliott Investment Management.The company continues to project core EPS to rise by 5% to 7% on revenue growth of 4% to 6% for fiscal 2026. It also reaffirmed its organic revenue guidance of an increase of between 2% and 4%. The Street is looking for non-GAAP EPS of $8.60 and sales of $98.45 billion for the fiscal year."As we look ahead, the macroeconomic environment has become more volatile and uncertain because of ongoing geopolitical conflicts," Chief Financial Officer Steve Schmitt said in prepared remarks available on the company's website. "Systematic commodity hedging programs for market traded commodities are expected to provide some near-term protection and visibility on certain input costs."Overall net pricing had a positive impact of 2% on the topline in the first quarter, while consolidated organic volume was flat. Volume inclined 4% in the convenient food business and was unchanged in the beverages segment.PepsiCo's North America foods business, which includes Frito-Lay and Quaker Foods, advanced 2% to $6.33 billion. Sales in the North American beverages unit climbed to $6.39 billion from $5.88 billion. International beverages saw revenue jump 9% to $824 million."We are encouraged with the resilience of the international business while North America continued to make progress in the first quarter," according to Laguarta. "We aim to successfully execute our commercial plans and tightly manage costs to help fund investments to accelerate growth."

$PEP
Sectors

Sector Update: Consumer

Consumer stocks were edging higher pre-bell Thursday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) up 0.2% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) slightly advancing.PepsiCo (PEP) stock was up 0.3% after the company posted higher fiscal Q1 core earnings and net revenue.

$PEP
Research

Research Alert: Pepsico Q1 2026: Another Quarter, Another Earnings Beat

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:PepsiCo (PEP) posted Q1 2026 adjusted EPS of $1.61 vs. $1.48 (+9%), well ahead of the $1.55 consensus. The beat was owing to a stronger-than-expected top line, partially offset by weaker-than-expected margins, as net sales rose 8.5% to $19.44B ($510M ahead of consensus) and gross margin contracted 60 bps to 55.2% (20 bps below consensus). PEP's Q1 volumes for Convenient Foods were up 4% Y/Y, while Beverage volumes were flat. PEP maintained its full-year 2026 net sales and EPS guidance. PEP shares are trading 1% lower in the pre-market, which we attribute to the fact the company did not raise full-year guidance in light of its sizable Q1 beat. We do not think investors should be alarmed, however, as PEP boasts one of the strongest earnings track records of any company over the past several years, having posted a quarterly earnings miss only twice since 2008. In our view, much of that can be attributed to management's long history of conservative guidance, and we think that is likely to be the case again.

$PEP
Research

Research Alert: Pepsico Q1 2026: Another Quarter, Another Earnings Beat

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:PepsiCo (PEP) posted Q1 2026 adjusted EPS of $1.61 vs. $1.48 (+9%), well ahead of the $1.55 consensus. The beat was owing to a stronger-than-expected top line, partially offset by weaker-than-expected margins, as net sales rose 8.5% to $19.44B ($510M ahead of consensus) and gross margin contracted 60 bps to 55.2% (20 bps below consensus). PEP's Q1 volumes for Convenient Foods were up 4% Y/Y, while Beverage volumes were flat. PEP maintained its full-year 2026 net sales and EPS guidance. PEP shares are trading 1% lower in the pre-market, which we attribute to the fact the company did not raise full-year guidance in light of its sizable Q1 beat. We do not think investors should be alarmed, however, as PEP boasts one of the strongest earnings track records of any company over the past several years, having posted a quarterly earnings miss only twice since 2008. In our view, much of that can be attributed to management's long history of conservative guidance, and we think that is likely to be the case again.

$PEP
Wire

PepsiCo Looks to Have Solid Q1, Retain Current Fiscal 2026 Guidance, RBC Says

PepsiCo (PEP) is expected to have a solid Q1, delivering on revenue and earnings, while maintaining its current guidance ranges, RBC Capital Markets said in a Tuesday note.PepsiCo usually hedges six to 12 months in advance, which should make them less exposed to rising cost pressures, RBC analysts said. They expect the company to reiterate guidance while keeping a close eye on the cost environment, with its current figures sitting at the midpoint of its guidance ranges.The Middle East conflict is not expected to have a material impact on fiscal Q1 results, as the company's international Q1 only reports on January and February, according to the report.The main factor in PepsiCo's financial results are inflationary impacts on the consumer, as well as its performance globally, which have the potential to drag its numbers to the mid-to-lower end of guidance, the analysts said. They added that inflation pushing customers to higher at-home consumption could be a slight positive driver for results.PepsiCo is expected to report Q1 earnings before market open on Thursday.RBC maintained its sector perform rating on the company's stock with a price target of $163.Price: $155.80, Change: $-0.08, Percent Change: -0.05%

$PEP
US Markets

Nasdaq Extends Rally to 9th Day as Tech Stocks Jump

The Nasdaq Composite advanced for the ninth straight session on Monday as US equity markets benefited from a jump in technology stocks.The Nasdaq climbed 1.2% to 23,183.7, while the S&P 500 added 1% to 6,886.2. The Dow Jones Industrial Average rose 0.6% to 48,218.3. Barring utilities and consumer staples, all sectors ended in the green, led by tech and financials.Oracle (ORCL) shares surged nearly 13%, the top gainer on the S&P 500. The company said it introduced artificial intelligence-focused updates to its utilities software suite at its customer edge summit, targeting improvements in billing, grid operations, and asset management.ServiceNow (NOW), Dell Technologies (DELL), Salesforce (CRM) and Microsoft (MSFT) were among tech stocks that registered gains.US earnings growth expectations appear to have shrugged off uncertainty around the Iran war, with markets betting on stronger corporate results this year than those projected before the war began, BlackRock Investment Institute said in a note on Monday.BlackRock upgraded its rating on US stocks to overweight from neutral, saying the Middle East conflict will likely drive limited economic damage.Oil prices, which jumped above $100 per barrel earlier on Monday amid a US blockade of maritime traffic around Iran's ports, pared gains, with West Texas Intermediate crude oil last up 1.3% at $97.83. Brent advanced 3.1% to $98.18.The blockade started at 10 am ET Monday. The development came after the US and Iran failed to reach a deal during negotiations in Pakistan over the weekend, fueling concerns over an already fragile ceasefire between Washington and Tehran.US President Donald Trump said Iran called this morning and that "they'd like to work a deal," according to a Reuters report. Despite the failed peace talks, a two-week ceasefire announced last week still holds.Trump's remarks come as Iran has vowed to retaliate following the US blockade, CNN reported. The Iran-controlled strait has been effectively shut since the war began at the end of February.Trump is mulling over limited strikes against Iran following the failed negotiations, The Wall Street Journal reported, citing people familiar with the situation."As the conflict with Iran enters its seventh week, persistent concern about the time it will take to arrive at an effective resolution to the conflict will, however, likely remain for now as a negative overhang for market participants to navigate," said John Stoltzfus, chief investment strategist at Oppenheimer Asset Management.Meanwhile, the Organization of the Petroleum Exporting Countries lowered its second-quarter oil demand forecast due to the Middle East conflict, but maintained its full-year estimates amid expectations for a rebound in the second half.US Treasury yields were lower, with the 10-year rate last down 4.7 basis points at 4.29% and the two-year rate dropping 2.7 basis points to 3.78%.In company news, Goldman Sachs (GS) on Monday posted first-quarter results above market estimates, while Chief Executive David Solomon said a protracted Middle East conflict could pose upside risks to inflation. The lender's shares fell 1.9%, the worst performer on the Dow.JPMorgan Chase (JPM), Wells Fargo (WFC), and Citigroup (C) are scheduled to release their quarterly results on Tuesday, while Bank of America (BAC) and Morgan Stanley (MS) will announce their results on Wednesday. Outside the banking sector, Johnson & Johnson (JNJ), Netflix (NFLX) and PepsiCo (PEP) are set to release their results this week.In economic news, US existing home sales decreased in March as softening job growth and weaker consumer confidence continued to deter potential buyers, data from the National Association of Realtors showed.Gold was last down 0.4% at $4,766.30 per troy ounce, while silver dropped 1.1% to $75.67 per ounce.

Dow JonesNasdaq CompositeS&P 500$BAC$C$CRM$DELL$GS$JNJ$JPM$MS$MSFT$NFLX$NOW$ORCL$PEP$WFC
US Markets

Stock Futures Down, Oil Rises as US Plans Blockade of Iranian Ports in Strait of Hormuz After Talks Fail

The benchmark US stock measures were pointing lower before the opening bell Monday, while oil prices rose as the US navy plans to begin a blockade of Iranian ports in the crucial Strait of Hormuz after Washington and Tehran failed to reach a conclusive agreement to end their war.The S&P 500 and the Nasdaq declined 0.6% each in premarket activity, while the Dow Jones Industrial Average was off 0.5%. The S&P 500 and the Dow finished Friday's trading session in the red, while the Nasdaq posted its eighth consecutive day of gains.The US Central Command announced Sunday that its forces will begin implementing a blockade of all maritime traffic entering and exiting Iranian ports on Monday at 10 am ET."The blockade will be enforced impartially against vessels of all nations entering or departing Iranian ports and coastal areas, including all Iranian ports on the Arabian Gulf and Gulf of Oman," according to a statement. "CENTCOM forces will not impede freedom of navigation for vessels transiting the Strait of Hormuz to and from non-Iranian ports."Earlier on Sunday, President Donald Trump said in a social media post that the US navy will block "any and all ships trying to enter, or leave, the Strait of Hormuz," the world's most important chokepoint for crude flows."I have also instructed our navy to seek and interdict every vessel in international waters that has paid a toll to Iran," according to Trump. "Other countries will be involved with this blockade. Iran will not be allowed to profit off this illegal act of extortion."Trump's statement came after delegations from the US and Iran were unable to reach a deal to end their war during negotiations in Pakistan over the weekend. US Vice President JD Vance, who led the US delegation, said the US didn't receive a firm commitment from Iran to stop its pursuit of nuclear weapons, according to multiple media outlets.Iran's parliamentary speaker Mohammad Bagher Ghalibaf said in a post on X that the US team "failed to gain the trust of the Iranian delegation in this round of negotiations."West Texas Intermediate crude oil jumped 7.8% to $104.05 a barrel before the open, while Brent advanced 7.1% to $101.93.Meanwhile, Trump on Sunday reportedly threatened to implement a 50% tariff on China, following speculation that Beijing is preparing to deliver a shipment of new air defense systems to Iran, according to CNBC. "If we catch them doing that, they get a 50% tariff, which is a staggering - that's a staggering amount," the US leader said.Traders await the latest financial results of Wall Street's biggest banks this week, beginning with Goldman Sachs (GS) on Monday. JPMorgan Chase (JPM), Bank of America (BAC), Wells Fargo (WFC), Morgan Stanley (MS) and Citigroup (C) are all due to post their quarterly earnings later in the week, along with major corporations, including Johnson & Johnson (JNJ), Netflix (NFLX) and PepsiCo (PEP).US consumer inflation accelerated to its highest monthly reading in nearly four years in March as the Middle East conflict sent energy prices sharply higher, official data showed Friday. Consumer sentiment hit the lowest on record this month, reflecting heightened worries about higher prices and the overall economic fallout from the Middle East conflict, according to a survey by the University of Michigan last week.Treasury yields were trending upwards in premarket action, with the two-year rate rising 1.5 basis points to 3.82% and the 10-year rate inclining 1.6 basis points to 4.33%.Monday's thin economic calendar has the existing home sales report for March at 10 am. Federal Reserve Governor Stephen Miran is scheduled to speak at 6:20 pm.Gold dropped 0.9% to $4,744 per troy ounce pre-bell, while bitcoin decreased 0.5% to $70,791.

Dow JonesNasdaq CompositeS&P 500$BAC$C$GS$JNJ$JPM$MS$NFLX$PEP$WFC

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