PepsiCo Cuts Annual Organic Revenue Forecast

PepsiCo reported third-quarter core earnings per share of $2.34 on net revenue of $25.27 billion, beating IBES consensus estimates of $2.29 and $24.96 billion, according to wire reports from FirstSquawk and LiveSquawk. However, the consumer giant cut its full-year guidance, now projecting core organic revenue growth of about 3% against earlier expectations of 4.2%, after organic revenue rose 3.1% in the quarter to miss the 3.8% street estimate. The revised outlook highlights persistent pushback from consumers after years of cumulative price hikes, even as core profitability held above forecasts. FirstSquawk also reported that the company trimmed its full-year core constant-currency EPS growth outlook, now anticipating a range of 2.5% to 3.5%. While the headline numbers demonstrate margin defense through cost discipline, the top-line deceleration lands on a tape that offers zero structural cushioning. Broader equity positioning has flipped into net negative territory across every major domestic index. On my dealer board, SPY sits at 774.23, trading below its gamma flip at 774.89 in full short gamma, with put support structured at the 767 put wall and an expected move of plus or minus 0.99%. Tech and small caps mirror the vulnerable posture. QQQ trades at 753.62 against a 755.62 flip, while IWM hovers at 275.43 right on its 275 put wall, well underneath its 279.11 flip. When dealers run short gamma, their mandate changes from dampening intraday volatility to amplifying it, selling into weakness and chasing downside breaks. With macro yields elevated at 5.28% on the 10-year Treasury and front-month crude futures advancing to $91.94, consumer defensive names are finding that earnings beats without organic growth cannot insulate them when market makers are positioned to accelerate downside momentum.