Our Black Book was the first in a series focusing on the headwinds and tailwinds by sub-sector in Consumer Staples. We start with the supermarkets, where nearly everything in Consumer Staples is sold. Next, we will dig into several key topics, the setup from here, and most importantly, outline our investment recommendations for each grocer.
Hedgeye's Macro team continues to see more evidence for Quad 2 in Q4. We will show how the grocers have performed historically in Quad 2, what may be different this time, and if we should expect a repeat of the past.
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CLICK HERE for link to the replay and materials. |
The outline of our call:
We made several changes to our position monitor. Sprouts Farmers Market (SFM) moved to the top of our short list. We are also added four food manufacturers to our short list, reflecting our conclusions from today's Black Book: Kellogg Company (K), Campbell Soup (CPB), Conagra (CAG) and General Mills (GIS).
Our position monitor:
