TSCO & ACI [Misses/Cuts], LVS Missing Low Bar, WH = Good Enough, KDP = Momo Building, Nestle Blowback, Oil Flirting w/ $100, Some Charts: US Consumer Sector Specialist Commentary

研报英文原文证据摘录

TSCO & ACI [Misses/Cuts], LVS Missing Low Bar, WH = Good Enough, KDP = Momo Building, Nestle Blowback, Oil Flirting w/ $100, Some Charts: US Consumer Sector Specialist Commentary

Briggs Barton - Specialist Sales - US Consumer AC North America Specialist Sales J P M O R G A N

briggs.barton@jpmorgan.com JPM | US CONSUMER DAILY: TSCO

J.P. Morgan Securities LLC & ACI [Misses/Cuts], LVS Missing

Low Bar, WH = Good Enough, KDP

= Momo Building, Nestle Blowback,

Oil Flirting w/ $100, Some Charts

23 July 2026

First Takes — ACI, TSCO, LVS, WH [Sales & Rsch Comments]

• ACI First Take[Call Ongoing] — 20% cut to the EPS guide following a decent Q1 earnings miss and the stock looks to be

headed down a similar amt [shares have already de-rated a lot, probably ends down less than this]. ID sales ex-fuel -0.8% is

in-line with low buyside expectations [st -0.3%] but EPS a 20% miss and EBITDA a HSD% miss and gross margins were

below. They also announce CFO planning to retire later this year [getting taken poorly]. They reduce the FY guide with ID

sales going to -1.5% to -0.5% [prev flat to +1%] and EPS to 1.75-1.85 [prev 2.22-2.32, st 2.27]. Mgmt – “as we look ahead,

we are moving decisively. Given continued softness in industry unit trends and a more cautious consumer, we are accelerating

investments and operational changes designed to strengthen our customer value proposition and improve our competitive

position.” Tom Palmer’s first take = disappointment might be an understatement and there is a lot to unpack with the

overarching question being why the situation has seemingly deteriorated so rapidly since they last reported in April.

• TSCO First Take [Call @ 10am] — Not "great" but doesn’t look far off from low buyside expectations and the stock is