#$KO

🫡 again to Coke. Ex-tobacco, only staple to grow consistently post Covid. No sign of pricing indigestion other staples saw & now transitioning to volume-led growth. Healthy volume across ALL regions in sign of strong brands & consumer strength. $KO $UL $PEP $XLP $XLY $XLF $PM

Hard to stress how awful Kraft-Heinz is. Trifecta of bad sales, margin & outlook with no end in sight. US foods have no answer to GLPs & troubled brand equity, just seem to be hurting to oblivion. Much maligned $PEP looks like a superstar in comparison. $KHC $GIS $CPB $XLP $KO

Very impressive Q2 acceleration at Unilever to +5.8%. Volume +5.5% best in 10+ years. Ex-food, +8%. Terrific emerging markets led by India, Indonesia. Only Europe sluggish. Great read on global consumer resilience. P&G will likely trail $UL by big margin. $PG $CL $KO $XLP $XLY $MKC

Less of a surprise post Qs from major US banks and card issuers, but Visa confirms spend was not just robust but credit card accelerated a meaningful 300bp in US. Debit & spend overseas also accelerated. $V $MA $AXP $JPM $BAC $C $XLY $XLF

Pepsico categories put it squarely in eye of GLP storm. But brands matter - note improving volume vs awful numbers at US foods. Activist breathing down back = margin momentum on top. Plus $PEP has under-appreciated assets in Lat Am & overseas snacks. $KO $GIS $CPB $MDLZ $KHC $XLP