The Market Wrap.

At a glance: No S&P 500 names report today. Constellation Brands beat consensus on both lines after Tuesday's close, though the stock sold off anyway; PepsiCo and Delta Air Lines close out the rest of the week.

Scorecard — reported since we last wrote

Constellation Brands beat consensus on both the top and bottom lines, and the beat carried through sequentially — EPS was up 9.0% from the prior quarter, not just against a lowered bar. The stock still fell 4.8% in after-hours trading, a clean beat the tape did not reward.

EPS surprise and Rev. surprise = reported figure against the consensus we flagged in that edition; shown in grey, and read as in line rather than as a beat or a miss, inside ±2% on EPS and ±0.75% on revenue. EPS vs prev.Q = reported EPS against the quarter before it, as a percentage difference. GM / NM = gross and net margin in the quarter just reported, computed from its income statement, with the move against the previous quarter underneath in percentage points (pp); “—” where the quarter's statement is not out yet, and gross margin is “—” for banks and insurers, which report no gross profit. Reaction = the report-day session move; for after-close reporters whose next regular session has not traded yet, the post-market move on the report date, marked “AH”.
CompanyTimeEPS actualEPS surpriseEPS vs prev.QRev. actualRev. surpriseGM / NMReaction
Constellation Brands STZ
After-close$3.74+5.4%+9.0%$2.63B+3.7%—-4.8% AH

Rest of the week

Only two names remain on the calendar, both pre-open. PepsiCo reports Thursday with consensus EPS of $2.32 against last quarter's $2.20. Delta closes out the week Friday carrying the largest implied move on the calendar at 5.7%, with consensus EPS of $1.99 against last quarter's $1.56.

Prev Q EPS = last reported quarterly EPS, for reading consensus against the quarter just gone. Implied move = the move the options market is pricing for the print, from the at-the-money straddle at the first expiry on or after the report date; quoted for the largest names each day, “—” elsewhere. Where that expiry is more than a week out, a note says so — the figure then spans those extra weeks rather than the print alone.
DayCompanyTimeCons. EPSPrev Q EPSImplied move
Thursday Oct 8
PepsiCo PEP
Pre-open$2.32$2.203.5%
Friday Oct 9
Delta Air Lines DAL
Pre-open$1.99$1.565.7%

Informational only — not investment advice. Figures are consensus/estimates and option-implied values from public sources and may be revised.

← Tue, Oct 6