
Earnings week ahead July 6-10: PepsiCo, Delta, Levi — the first real Q2 consumer read
Light week on earnings but the names matter more than the volume.
Levi Strauss (LEVI) — Wednesday after close
After a strong Q1 (revenues up 14%, EPS above guidance, full-year raised), the question is whether the consumer momentum held through Q2. The DTC pivot is the story — more own-store sales, better margins, less department store exposure. China is a wildcard.
PepsiCo (PEP) — Thursday before open
Consensus is $2.21 EPS on $24 billion revenue. The Frito-Lay/North America division is the concern — scanner data suggests volumes are still soft even with targeted price cuts. International is expected to pick up the slack. After Nike's ugly quarter, this is the read on whether the mid-price consumer is holding.
Delta Air Lines (DAL) — Friday
The travel bellwether. After a strong first half for airlines (cheap oil helps massively), Delta's forward booking commentary is the tell on whether the consumer is still spending on experiences into Q3. The Hormuz reopening and falling oil prices are a direct tailwind for margins.
SK Hynix (SKHY) — IPO this week
The Korean memory giant lists this week. After Micron's blowout quarter ($41.5bn revenue, $50bn Q4 guide), SK Hynix coming public is the next data point on whether the AI memory supercycle is as real as the numbers suggest.
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