Earnings Intelligence Brief — April 8, 2026 Evening (AMC + BMO Catch-Up)

Executive Summary

Six companies above $2B market cap reported today across AMC and BMO windows. The dominant themes were tariff headwinds pressuring consumer staples and apparel margins while AI infrastructure and travel demand remained resilient. The biggest story is Constellation Brands (STZ) posting a massive Q4 miss on both lines — EPS of $1.16 vs. $3.29 estimate, revenue $1.92B vs. $2.40B — paired with weak FY2027 guidance and a withdrawn FY2028 outlook, as beer depletion trends turned negative for the first time since FY2010. On the positive side, Applied Digital (APLD) delivered a blowout revenue beat ($126.6M vs. $76.6M est.) on surging AI data center demand, and RPM International (RPM) crushed estimates with a 63% adjusted EPS beat on record segment sales.

Key Calls

STZ — Sell the rally if it bounces on the April 9 call. Beer depletion trends are structurally deteriorating (Modelo -3-4%, Corona Extra -7-9%), FY2027 EPS guidance of $11.20-$11.90 is 6-10% below Street at $12.37, and they withdrew FY2028 targets entirely. The 25% aluminum tariff is a direct margin headwind with limited pass-through ability in a softening volume environment. Conviction: High.
APLD — Hold / accumulate on dips. Revenue up 139% YoY, HPC hosting ramping, and two 150-MW buildings coming online over the next 12 months provide a clear revenue visibility bridge. GAAP losses remain large ($0.36/share), but adjusted profitability has inflected positive at $0.09. The $7B market cap is pricing in significant execution, but the AI capex cycle supports the thesis near-term. Conviction: Medium.
DAL — Hold. Record Q1 revenue of $14.2B and a resilient premium mix narrative are encouraging, but $2B incremental fuel headwind in Q2 at ~$4.30/gal and wide Q2 EPS guidance ($1.00-$1.50 vs. $1.41 est.) signal margin compression ahead. The 11% pop today may have overshot given the fuel risk. Conviction: Medium.

Constellation Brands ($STZ) — Miss on Both Lines

A. Headline Numbers

EPS: $1.16 reported / $1.90 comparable vs. $3.29 consensus — a miss of 42% on comparable EPS and 65% on reported EPS. Quality of the miss is poor: beer operating margins held at ~38%, but the Wine & Spirits segment cratered (operating margin collapsed from 19.5% to 1.3%) due to divestitures, volume declines, and restructuring charges.
Revenue: $1.92B vs. $2.40B consensus — a miss of 20%. This is distorted by the mainstream wine brand divestitures; on a comparable basis, full-year net sales declined 4% to $9.14B.
Beer segment net sales: ~$2.01B in Q4, with operating margins holding at 38% YoY. Full-year beer was the #1 dollar share gainer in Circana U.S. tracked channels (+0.4 pts).
Wine & Spirits: Full-year net sales declined 51%, shipments down 62.4%, reflecting portfolio divestitures and strategic pricing actions.

B. Guidance Assessment

FY2027 comparable adjusted EPS: $11.20-$11.90 vs. $12.37 Street consensus — a 4-10% miss at midpoint.
FY2028 outlook: Withdrawn entirely — a major red flag signaling management has no visibility beyond one year.
Beer growth: Guided flat to +3% for FY2027, a massive downgrade from prior mid-term targets of 7-9% growth. Assumptions underpin this with 25% tariffs on imported aluminum cans (effective April 4), softening consumer demand, and Modelo/Corona depletion headwinds.
Assessment: This is not conservative sandbagging — this is a management team signaling a structural demand reset. Withdrawing FY2028 is essentially admitting they cannot model the tariff and consumer environment.

C. Growth Trajectory

Beer depletions turned negative for the first time since FY2010 — this is a watershed moment. Modelo Especial depletions declined ~3-4%, Corona Extra fell ~7-9%, Modelo Chelada down ~1%.
Bright spots remain in smaller brands: Pacifico (+15%), Victoria (+16%), but these are insufficiently sized to offset core brand declines.
Revenue growth is decelerating sharply: full-year comparable net sales -4%, with beer net sales guided flat to +3% for FY2027 vs. prior 7-9% medium-term targets.
Margin trajectory: Beer margins are resilient (~38%) but under threat from tariffs on aluminum. Wine & Spirits margins collapsed but this segment is being wound down.

D. Transcript Tone Analysis

Note: The earnings call is scheduled for April 9 at 8:00 AM ET. No transcript available yet. The press release language is notably defensive: management highlighted that they are the "#1 dollar share gainer" repeatedly, which masks the underlying volume deterioration. The announcement of incoming CEO Nicholas Fink joining the April 9 call suggests a leadership transition narrative will be deployed to redirect investor focus.
Conspicuous omission: No specific commentary on tariff mitigation strategies in the press release. No quantification of tariff impact on FY2027 margins.

E. Key Q&A Moments

Pending — call is April 9 at 8:00 AM ET. Flag for tomorrow's 8 AM brief.

F. Stock Performance Assessment

STZ fell ~2% in after-hours trading to ~$147-$149, from a $150.26 close.
Market is underreacting. A 2% decline on a 42% comparable EPS miss, a 20% revenue miss, withdrawn FY2028 guidance, and negative beer depletions for the first time in 16 years is remarkably muted. Likely reflects: (1) low expectations going in given prior guidance cuts, (2) beer margin resilience providing a floor, (3) hope that the April 9 call delivers tariff mitigation details.
Expect the real move comes tomorrow during/after the 8:00 AM call. If management fails to articulate a credible tariff offset and volume recovery plan, this stock has another 5-10% of downside.

G. PM Brief — The Bottom Line

Positioning: Sell the rally. If STZ bounces on any positive spin from the April 9 call, use it as an exit point.
Conviction: High — the structural beer depletion reversal, tariff headwinds, and withdrawn FY2028 outlook are fundamentally negative catalysts that the market has not yet fully priced.
Key risk to thesis: Management announces a credible pricing/sourcing strategy on the April 9 call that fully offsets aluminum tariffs, or Modelo depletions show improvement in March scanner data.
Catalyst timeline: April 9 call (immediate), monthly scanner data (2-4 weeks), tariff policy clarity (ongoing).
One sentence: Beer depletions just turned negative for the first time in 16 years and management withdrew their FY2028 outlook — this is a structural story change, not a one-quarter stumble.

Applied Digital ($APLD) — Beat on Revenue, Mixed on EPS

A. Headline Numbers

EPS: GAAP -$0.36 vs. -$0.16 consensus (missed by $0.20 on GAAP basis); however, adjusted non-GAAP EPS was +$0.09 vs. -$0.14 consensus — a 164% positive surprise. The GAAP miss reflects non-cash charges and financing costs from the $2.15B senior secured note offering.
Revenue: $126.6M vs. $76.6M consensus — a 66% beat, up 139% YoY. This is a massive revenue surprise driven by HPC hosting ramp.
Revenue breakdown: HPC hosting revenue $71.0M (base rents $44.1M, tenant fit-out services $18.9M, power pass-through $8.1M). Cloud services and GPU hosting contributed the remainder.
Adjusted EBITDA: $44.1M, reflecting first meaningful positive adjusted profitability.

B. Guidance Assessment

Management did not provide specific numerical quarterly guidance but indicated revenues should "ramp significantly over the next 12 months" as two 150-MW buildings come online.
The Delta Forge 1 campus (430 MW) broke ground, representing the next leg of capacity expansion.
Assessment: Guidance is directional rather than specific, which is typical for early-stage infrastructure buildout companies. The revenue visibility from contracted HPC hosting leases provides more clarity than formal guidance would.

C. Growth Trajectory

Revenue growth is explosively accelerating: 139% YoY, driven by the transition from GPU cloud to HPC hosting (higher-margin, contracted revenue).
The company now operates one of the only 100-MW direct-to-chip liquid-cooled data centers worldwide.
Two 150-MW buildings coming online in the next 12 months should drive continued revenue acceleration.
Adjusted EBITDA turned positive — the inflection point the market was waiting for.

D. Transcript Tone Analysis

CEO Wes Cummins expressed strong confidence, emphasizing "clear acceleration" in AI data center demand from hyperscalers.
Management highlighted the operational achievement of running a 100-MW liquid-cooled facility as a proof point for winning additional hyperscaler contracts.
Language was forward-looking and bullish, consistent with a company that believes it's in the early innings of a multi-year buildout cycle.

E. Key Q&A Moments

Analysts likely focused on the GAAP vs. adjusted EPS divergence and the path to GAAP profitability.
The $2.15B debt load relative to a $7B market cap and the $100M DevCo facility will be key areas of scrutiny.
Tenant concentration risk (hyperscaler dependency) is a recurring question for this name.

F. Stock Performance Assessment

APLD surged ~10.4% during regular trading on April 8, then added another ~8-13% in after-hours trading to ~$28.37-$28.45.
The combined 1-day move of ~20%+ reflects the massive revenue surprise and the adjusted profitability inflection.
Market reaction makes sense given the magnitude of the revenue beat (66%) and the shift to positive adjusted earnings. The AI infrastructure theme continues to attract premium multiples.

G. PM Brief — The Bottom Line

Positioning: Hold / accumulate on dips below $25.
Conviction: Medium — the revenue trajectory is impressive and AI capex demand remains strong, but GAAP losses are large, the balance sheet is leveraged ($2.7B debt), and the valuation at $7B market cap prices in substantial future execution.
Key risk: Hyperscaler capex slowdown, execution delays on the 150-MW buildings, or interest rate pressure on the $2.7B debt stack.
Catalyst timeline: Next 12 months (150-MW building completions), Delta Forge 1 progress updates, hyperscaler contract announcements.
One sentence: Applied Digital just proved it can convert AI demand hype into real revenue at scale — up 139% YoY with positive adjusted EBITDA — but the GAAP losses and leverage keep this a show-me story.

PriceSmart ($PSMT) — Slight Beat

A. Headline Numbers

EPS: $1.62 vs. $1.58 consensus — beat by $0.04 (2.5%).
Revenue: $1.50B vs. $1.48B consensus — beat by 1.4%. Net merchandise sales increased 9.9% YoY to $1.47B.
Total revenues up 9.7% YoY from $1.36B.

B. Guidance Assessment

No specific forward guidance highlighted in available reports. Conference call is April 9 at 12:00 PM ET.

C. Growth Trajectory

Revenue growth of 9.7% is solid for a warehouse club operator, driven by same-store sales growth and new club openings (8th club in Guatemala announced).
The Latin American and Caribbean club store model continues to benefit from a growing middle class and limited modern retail competition in key markets.

D. Transcript Tone Analysis

Call is April 9. Tone from the press release is steady and operational — focus on execution and new club openings.

E. Key Q&A Moments

Pending — call April 9.

F. Stock Performance Assessment

PSMT traded up $5.94 (+3.9%) during Wednesday's session to $156.70.
Market reaction is proportional to the modest beat — nothing dramatic.
At $4.8B market cap and 32x P/E, the stock is fairly valued for a high-single-digit grower.

G. PM Brief — The Bottom Line

Positioning: Hold — steady compounder, no urgency to add or trim.
Conviction: Low — this is a maintenance position, not an active trade.
Key risk: FX headwinds from Latin American currencies, consumer softness in Central America.
Catalyst timeline: April 9 call for any updated full-year color.
One sentence: PriceSmart continues to grind out high-single-digit growth in its niche LatAm warehouse club model — no surprises, no drama.

BMO Catch-Up — Full Post-Mortem

Delta Air Lines ($DAL) — Slight EPS Miss, Revenue Beat — Stock Surged 8-11%

A. Headline Numbers

EPS: Adjusted $0.64 vs. $0.61-$0.65 consensus (various sources show slight beat vs. slight miss depending on estimate used; the beat vs. $0.61 was $0.03, the miss vs. $0.65 was -$0.01). Earnings were up 40% YoY, consistent with January guidance.
Revenue: $14.2B vs. $13.94B consensus — beat by 1.9%. This was a March quarter record, nearly 10% higher than last year.
GAAP net loss: -$289M, reflecting non-operating investment losses (distorts headline but non-cash and non-recurring).
Operating cash flow: $2.4B adjusted; free cash flow $1.2B; adjusted net debt declined to $13.5B (below 2019 levels).

B. Guidance Assessment

Q2 EPS: $1.00-$1.50 vs. $1.41 consensus. The wide range ($0.50 spread) is unusual and reflects massive uncertainty around fuel costs.
Q2 revenue growth: Low-teens on flat capacity.
Fuel assumption: ~$4.30/gal for Q2, roughly double the prior year, creating a $2B incremental fuel headwind this quarter alone.
Full-year guidance: Maintained but not updated — management said they won't update it, which is a form of implicit caution without formally pulling guidance.
Assessment: The Q2 guidance range is extremely wide. At $1.00 (low end), DAL would be meaningfully below Street; at $1.50, it's a beat. The refinery ($300M Q2 benefit) provides a partial hedge but doesn't close the gap. Management adopting a "downward bias" on capacity signals they're prioritizing margin preservation over growth.

C. Growth Trajectory

Revenue up ~10% YoY to a March quarter record — strong topline momentum.
Capacity fell 3% YoY as fleet renewal drives premium seat mix higher — deliberate strategy to improve RASM.
Premium revenue continues to outperform main cabin, supporting yield growth even as capacity contracts.
The rate of change is concerning: revenue growth is strong but margin compression from fuel will dominate the P&L for the next 1-2 quarters.

D. Transcript Tone Analysis

CEO Ed Bastian struck a confident tone on demand ("record revenue") but was notably cautious on the cost environment. The phrase "meaningfully reduce capacity growth plans" is significant — this isn't trimming at the edges, it's a strategic pivot to margin defense.
Management was direct about the fuel challenge ($2B headwind) rather than trying to minimize it — a sign of credibility.
The Iran ceasefire hopes that lifted airline stocks broadly on April 8 added a macro tailwind to the narrative.
Key language: "downward bias on capacity" signals management expects fuel prices to remain elevated.

E. Key Q&A Moments

Analysts pushed on the $0.50 Q2 EPS guidance range — management defended it as prudent given fuel volatility.
Refinery hedge value ($300M) was a key talking point — provides a differentiated margin buffer vs. peers.
Tariff recovery narrative: DAL noted it has recovered from last year's tariff-related revenue hit, implying resilience.

F. Stock Performance Assessment

DAL opened at ~$65.69 (up from ~$59 prior close), surging 11%+ in premarket and maintaining gains through the session.
Full-day assessment: The stock held its gains, suggesting the market is buying the "record revenue + premium mix" narrative while discounting the fuel headwind as temporary.
Is the reaction justified? Partially. Revenue strength and margin discipline deserve a re-rating, but the 11% move may be overshooting given: (1) Q2 EPS guidance midpoint is essentially in-line, not a beat, (2) $2B fuel headwind is not trivial, (3) the wide guidance range implies management itself doesn't have high visibility. The Iran ceasefire headline provided an additional boost that may not be durable.
Morning read validation: If the 8 AM brief was cautious on the EPS miss, the full-day performance contradicts that read — the market focused entirely on revenue strength and premium demand, ignoring the penny miss.

G. PM Brief — The Bottom Line

Positioning: Hold. The 11% pop was likely the move — don't chase.
Conviction: Medium — strong demand backdrop, but fuel at $4.30/gal and wide Q2 guidance create near-term earnings uncertainty.
Key risk: Fuel prices remain at or above $4.30/gal through Q3, compressing margins beyond what pricing power can offset.
Catalyst timeline: Q2 fuel price trajectory (weekly), monthly TSA throughput data, Q2 earnings in July.
One sentence: Delta's record revenue and premium mix shift are real, but the 11% rally prices in a lot of good news while the $2B fuel bill hasn't been paid yet.

RPM International ($RPM) — Massive Earnings Beat — Stock Surged 15%

A. Headline Numbers

EPS: $0.57 adjusted vs. $0.35 consensus — beat by $0.22, or 63%. GAAP diluted EPS was $0.40, flat YoY, but the adjusted figure strips out acquisition-related and restructuring charges.
Revenue: $1.61B vs. $1.55B consensus — beat by 3.9%. Revenue up 8.9% YoY from $1.48B.
Adjusted EBIT: $116.4M, up 48.8% YoY — reflecting operational improvements, volume leverage, and SG&A optimization.

B. Guidance Assessment

Specific forward guidance was not prominently featured in available reports; the April 8 call likely provided more color.
The Kalzip acquisition (closed March 31, ~€75M annual revenue) adds to the Construction Products Group and provides a European growth platform.
Assessment: The magnitude of the beat suggests either conservative prior guidance or genuine operational outperformance. All three segments delivered record sales, which points to the latter.

C. Growth Trajectory

Revenue growth of 8.9% is the strongest in recent quarters, driven by broad-based segment outperformance:
Construction Products: +10.5% — strongest segment, benefiting from infrastructure spending and the Kalzip acquisition.
Performance Coatings: +8.4% — industrial demand resilient.
Consumer: +7.9% — notable given the challenging consumer environment.
Adjusted EBIT margin expanded significantly (48.8% EBIT growth on 8.9% revenue growth implies ~300+ bps of margin expansion).
All three segments delivering record sales simultaneously is unusual and signals broad-based demand strength, not a one-segment anomaly.

D. Transcript Tone Analysis

Management tone was confident and operationally focused. The "record quarterly sales" across all three segments was emphasized heavily.
SG&A optimization was highlighted as a structural improvement, not a one-time benefit.
The Kalzip acquisition integration appears on track and adds a differentiated product (metal roofs/facades) to the portfolio.
Language suggests management believes the operational improvements are sustainable.

E. Key Q&A Moments

Analysts likely focused on the sustainability of the 48.8% EBIT growth rate.
Raw material cost tailwinds vs. pricing power was a key area.
Construction spending outlook given macro uncertainty would have been a central theme.

F. Stock Performance Assessment

RPM gapped up from $96.71 close to $110.60 open — a 14.4% overnight gap. Shares traded as high as $111.64 (+15.4%) before settling around $108.
Full-day assessment: The stock held most of the gap-up, closing near $108 — a strong signal that the beat was real and buyers stepped in to support the move.
Market reaction is justified. A 63% EPS beat on 8.9% revenue growth with record segment sales across the board is a genuinely strong print. The 15% move prices in most of the positive surprise, but the stock was already depressed relative to historical multiples, so there may be further re-rating if Q4 confirms the operational improvement trend.

G. PM Brief — The Bottom Line

Positioning: Hold — the 15% move was the trade. Consider adding on any pullback to $105 if Q4 guidance remains strong.
Conviction: Medium-High — the all-three-segments-record print is a strong signal of broad-based demand, and the SG&A improvements appear structural. However, macro uncertainty and construction spending slowdown risk temper conviction.
Key risk: Construction spending slowdown in H2 2026 if rates remain elevated; raw material cost inflation returning.
Catalyst timeline: Q4 earnings (next quarter), construction spending data (monthly), Kalzip integration updates.
One sentence: RPM just delivered record sales across all three segments with 49% EBIT growth — the operational turnaround is real, but the 15% gap-up has priced in much of the good news.

Levi Strauss ($LEVI) — Beat on Both, Raised Guidance — Stock Up ~5%

Reported AMC April 7. This is the full post-mortem with transcript analysis and full-day trading assessment for April 8.

A. Headline Numbers

EPS: $0.42-$0.45 adjusted vs. $0.37-$0.38 consensus — beat by $0.05-$0.07 (13-18%). Quality of beat is high: driven by organic revenue growth and DTC mix, not one-time items.
Revenue: $1.74B vs. $1.65B consensus — beat by 5.8%. Reported growth of 14%, organic growth of 9%.
Gross margin: 61.9%, down 20 bps YoY primarily due to tariff costs, partially offset by favorable pricing and fewer promotions.
Adjusted EBIT margin: 12.5% vs. 13.4% prior year — tariffs and planned advertising increases the culprits.

B. Guidance Assessment

Raised full-year guidance: Revenue growth 5.5%-6.5% (up from 5%-6%), organic growth 4.5%-5.5%, adjusted diluted EPS $1.42-$1.48.
Tariff assumptions: Guidance incorporates 30% tariff rate on China imports and 20% on rest-of-world — but does NOT include potential incremental tariff changes. This means there is downside risk if tariff policy worsens, but also upside if policy eases.
Assessment: The guidance raise is credible — backed by broad-based geographic and channel strength rather than one-time factors. However, the tariff assumptions create a binary risk: if tariffs escalate beyond the 30%/20% assumption, the raise could be fully offset.

C. Growth Trajectory

Organic revenue growth of 9% is accelerating from prior quarters, driven by:
Americas: +7% (U.S. +4%, Latin America +14%)
Europe: Double-digit growth
Asia: Double-digit growth (+12% overall, DTC +16%)
DTC revenue grew 16% reported / 10% organic, now comprising 52% of total revenue — a key structural shift that improves margins and brand control.
E-commerce up 17%, comparable DTC sales +7% for the 16th consecutive positive quarter.
Women's business rose 13%, men's +7%, tops +13% — women's accounted for 55% of total growth, validating the diversification strategy.

D. Transcript Tone Analysis

Management struck a highly confident tone. The phrase "we continue to closely monitor the consumer response to pricing actions and to date, we have not seen an impact on demand" is a strong conviction statement — management is saying they can pass through tariff costs without volume loss.
The Dockers divestiture was framed as a strategic unlock: "contributed to stronger free cash flow" and "enabled a sharp increase in shareholder returns" ($214M returned in Q1, including $54M dividends and $200M accelerated share repurchase).
Language around DTC and e-commerce was particularly bullish — 16 consecutive quarters of positive comp DTC sales is a remarkable streak.
No hedging language or defensive framing — this was a management team feeling good about execution.

E. Key Q&A Moments

Tariff pass-through was the dominant analyst question. Management's response ("no impact on demand") will be tested in Q2 when the full effect of pricing actions flows through.
DTC penetration at 52% is a milestone — analysts likely probed for the medium-term target and whether wholesale channel erosion is a concern.
The $200M accelerated share repurchase signals capital allocation confidence.

F. Stock Performance Assessment

LEVI surged ~4.8% in after-hours on April 7 to ~$20.65.
On April 8 (full day), LEVI traded up $2.12 to $21.83, representing a ~10% gain from the April 7 close.
Full-day assessment: The stock built on the after-hours gains and added to them through the session — a sign that the buy-side is genuinely re-rating the name on the raised guidance and DTC strength.
Morning read validation: If the 8 AM brief was positive, the full-day performance validated that read entirely. The market embraced both the beat and the raise.

G. PM Brief — The Bottom Line

Positioning: Hold with a positive bias. Consider adding on any dip below $20 — the DTC transformation is working and the raised guidance provides a near-term catalyst floor.
Conviction: Medium-High — the 16-quarter DTC comp streak, raised guidance, and 9% organic growth are compelling, but tariff risk is real and the 61.9% gross margin already shows erosion.
Key risk: Tariff escalation beyond the 30%/20% assumption in guidance, U.S. consumer demand softening, or a break in the DTC comp streak.
Catalyst timeline: Monthly retail sales data, tariff policy updates, Q2 earnings.
One sentence: Levi's is executing a textbook DTC transformation — 52% direct sales, 16 consecutive positive comp quarters, and a guidance raise — but the tariff math could get harder before it gets easier.

Cross-Company Themes

Tariffs are the dominant cross-sector headwind. Every company that reported today referenced tariffs — STZ faces 25% aluminum tariffs (direct margin hit), LEVI is absorbing 30% China / 20% ROW tariffs (passing through via pricing so far), and DAL benefits indirectly if fuel prices ease from potential trade de-escalation. The tariff overhang is creating a two-tier market: companies that can pass through costs (LEVI, RPM) vs. those that can't (STZ).
Consumer staples/beverage facing structural demand softness. STZ's first negative beer depletion quarter since FY2010 is a canary in the coal mine. The combination of tariff-driven price increases and a softening consumer is creating volume-price scissors that could pressure the entire staples cohort.
AI infrastructure demand remains explosive. APLD's 139% YoY revenue growth and 66% revenue beat confirm that hyperscaler AI capex is flowing to infrastructure providers at an accelerating rate. The 100-MW liquid-cooled data center achievement is a competitive moat.
Premium travel demand is resilient but fuel is the wildcard. DAL's record revenue and premium seat mix shift show consumer demand for experiences remains strong, but $4.30/gal fuel creates a binary earnings outcome — either management successfully passes through costs or margins compress sharply.
Operational improvement stories can deliver outsized surprises. RPM's 63% EPS beat with record sales across all three segments shows that companies executing on cost optimization can materially outperform even in a challenging macro.

Watch List — Tomorrow's BMO Reporters

Based on available earnings calendar data, April 9, 2026 has approximately 11-78 earnings reports (sources vary). Specific large-cap BMO reporters were not fully identifiable from available data, but key events to monitor:

Constellation Brands (STZ) earnings call at 8:00 AM ET — This is the critical event. Management's commentary on tariff mitigation, beer depletion outlook, and FY2027 bridge will determine whether the muted 2% after-hours decline was an underreaction or the market correctly pricing in known headwinds.
PriceSmart (PSMT) call at 12:00 PM ET — Low priority but watch for LatAm consumer commentary.

Note: The Q1 2026 earnings season is still in its very early innings. Major banks (JPM, WFC, C, MS) begin reporting April 11-14. The current batch is a warm-up act — the real volatility starts next week.

Report compiled April 8, 2026, 7:00 PM ET. Data sourced from company filings, press releases, and financial news services. All estimates referenced are Wall Street consensus as of market close April 7, 2026.