Technical Analysis – 15 July 2024

Shares closed at a higher above the 200dEMA. 5dEMA is about to cross the 50dEMA and 200dEMA.
MACD is positive, RSI is constructive.
Long – Entry 56.0, Target 61.0, Stop 53.5

Shares closed at a one-month high above the 200dEMA with rising volume. The 5dEMA crossed the 50dEMA.
Both RSI and MACD are constructive.
Long – Entry 77.4, Target 84.0, Stop 74.1

Shares closed at a one month high above the 5wEMA with rising volume. The 20wEMA crossed the 200wEMA.
Both RSI and MACD are constructive.
Long – Entry 394, Target 426, Stop 378

PepsiCo Inc. (PEP)

2Q24 Revenue: $22.5B, +0.8% YoY, miss estimates by $100M
2Q24 Non-GAAP EPS: $2.28, beat estimates by $0.12
FY24 Guidance: Expect approximately 4% organic revenue growth, compared to at least 4% previously; at least 8% increase in core constant currency EPS; core annual effective tax rate of 20%; total cash returns to shareholders of approximately $8.2bn.
Comment: PepsiCo reported mixed results, impacted by declining demand for its beverages and snacks in North America. The company issued a cautious FY24 outlook, continuing to face challenges in its home market due to product recalls and decreasing demand. As consumers become more value-conscious, they are purchasing fewer bags of chips or opting for cheaper private-label options. Retail sales in the U.S. also remained weak, growing less than expected in May, indicating volume challenges amid economic uncertainty. Looking ahead, PepsiCo plans to invest more in growth, offering value deals on some snack products and increasing advertising and marketing spending. However, the company has observed a sequential improvement in the volume of its North American beverages, suggesting that efforts to attract shoppers are starting to pay off. 3Q24 recommended trading range: $150 to $180. Neutral Outlook.

百事可乐 (PEP)

24财年第二季营收：225亿美元，同比增幅0.8%，逊预期1.0亿美元
24财年第二季Non-GAAP每股盈利：2.28美元，超预期0.12美元
25财年第一季指引：预计有机收入增长约为4%，而之前的预期至少为4%；核心固定汇率每股收益至少增长8%；核心年度有效税率为20%；股东的现金回报总额约为82亿美元。
短评：百事公司公布了喜忧参半的业绩，受北美饮料和零食需求下降的影响。该公司发布了谨慎的24财年展望，由于产品召回和需求下降，其国内市场继续面临挑战。随着消费者的价值意识越来越强，他们购买的薯片越来越少，或者选择更便宜的自有品牌产品。美国5月份的零售额也依然疲软，增幅低于预期，表明在经济不确定的情况下，零售额面临挑战。展望未来，百事公司计划加大对增长的投资，提供一些零食产品的超值交易，并增加广告和营销支出。然而，该公司观察到其北美饮料销量连续增长，这表明吸引购物者的努力开始奏效。24年第三季度建议交易区间：150至180美元。中性前景。

Delta Air Lines, Inc. (DAL)

2Q24 Adjusted Revenue: $15.4B, -1.2% YoY, miss estimates by $30M
2Q24 Non-GAAP EPS: $2.36, miss estimates by $0.02
3Q24 Guidance: Expect revenue to be up 2% – 4%, vs estimated growth of 3.8% YoY; Expects operating margin between 11% to 13%; Expects EPS between $1.70 – $2.00 vs consensus of $2.06 FY24 Guidance: Expects EPS between $6 – $7 vs consensus of $6.57; Free Cash Flow between $3bn to $4bn; Expects adjusted Debt to EBITDA between 2x to 3x.
Comment: Delta Air Lines reported weak results despite achieving record revenue in 2Q24, as revenue fell short of expectations and discounted airfares pressured earnings. The company noted strong summer travel demand but also highlighted increased price sensitivity among consumers. Although Delta added capacity to meet the higher travel demand, profits per passenger were affected. The company issued weak guidance for 3Q24. The market anticipates the airline industry will reduce capacity to maximize profitability, but it will still face challenges from a slowdown in spending by middle-class Americans. Consumer sentiment in June was the lowest since the start of the year, underscoring the weakness in consumer spending amid economic uncertainty. 3Q24 recommended trading range: $40 to $50. Neutral Outlook.

达美航空 (DAL)

24财年第二季营收：154亿美元，同比降幅1.2%，逊预期3,000万美元
24财年第二季Non-GAAP每股盈利：2.36美元，逊预期0.02美元
24财年第三季指引：预计收入将增长2%至4%，而预期同比增长3.8%；预计营业利润率在11%至13%之间；预期每股收益在1.70至2.00美元之间，市场预期为2.06美元；预期每股收益在6至7美元之间，市场预期为6.57美元；自由现金流在30亿至40亿美元之间；预计调整后的债务与EBITDA之比在2至3倍之间。
短评：达美航空公布的财报显示，尽管其第二季度营收达到创纪录水平，但业绩仍不佳，原因是营收低于预期，且机票折扣令其盈利承压。该公司注意到夏季旅游需求强劲，但也强调消费者对价格的敏感度有所提高。尽管达美航空增加了运力以满足更高的旅行需求，但每位乘客的利润受到了影响。该公司发布了较弱的第三季度业绩指引。市场预计航空业将削减运力以实现盈利最大化，但它仍将面临美国中产阶级支出放缓的挑战。6月份消费者信心指数降至年初以来的最低水平，突显出在经济不确定性背景下消费者支出的疲弱。24年第三季度建议交易区间：40至50美元。中性前景。