NKE (-1%) Running In Place, STZ (+3%) Beat/Reit, KR M&A, PEP Q2 Preview, LEVI World Cup Catalyst, Macau GGR Weakness

研报英文原文证据摘录

NKE (-1%) Running In Place, STZ (+3%) Beat/Reit, KR M&A, PEP Q2 Preview, LEVI World Cup Catalyst, Macau GGR Weakness

Briggs Barton - Specialist Sales - US Consumer AC North America Specialist Sales J P M O R G A Nbriggs.barton@jpmorgan.com

J.P. Morgan Securities LLC 01 July 2026

NKE (-1%) Running In Place, STZ (+3%) Beat/Reit, KR M&A, PEP Q2

Preview, LEVI World Cup Catalyst, Macau GGR Weakness

Briggs Barton

+1 212 622 2677

briggs.barton@jpmorgan.com

MORNING UPDATE

• NKE (-1% Pre Mkt)— Story remains fundamentally challenged but positioning already leans negative and we are

seeing some covering; Matt Boss had a great preview citing Q4 exit rate deterioration and post results he remains below

the street ,expecting 2H27 numbers to continue coming down HERE

• GIS (+4% Pre Mkt) — Q4 results and FY27 clear an admittedly low bar; see Tom Palmer’s thoughts HERE

• STZ (+3% Pre Mkt) — We expect a bit of a relief rally today on the EPS beat/FY guide reiteration, with Beer

depletions inline. Thoughts from Drew Levine HERE.

• KR (-3% Pre Mkt)— M&A on the table… Kroger puts Giant Eagle in their cart for $9bn; press release HERE.

• PEP Q2 PREVIEW — Pullback provides oppty on delayed but not derailed recovery; thoughts from Andrea HERE

• LEVI — Matt raises numbers ahead of the street and calls out the viral world cup marketing campaign for LEVI HERE

• MACAU GAMING — June GGR -12% YoY; Thoughts from Dan HERE

DETAILED COMMENTARY

NKE (-1%) Running In Place

After a Q4 print where the sequential slowdown in DTC sales was a common point of pushback and China/EMEA were weak as

expected, mgmt on the call spoke to the negative linearity/exit rate deterioration throughout the qtr, guided Q1 below the street,

and reduced their previously issued CY26 guidance.