In short: The one flicker in the worst defensive group. Eisman: "There's… where is the life?" Verrone: "Kraft Heinz, Hershey's all starting to bottom here. I think they're worth a look" — after "a just devastatingly bad couple years." He is careful to size the call: "I would hardly call the sector leader in the market," and staples stay "probably still near the bottom" of his defensive ranking.
Kraft Heinz is packaged food — the archetype of a "defensive" stock that is supposed to hold up when the economy weakens, and which has instead been savaged for two years as shoppers traded down and weight-loss drugs cut into snack volumes.
Verrone's call is deliberately small: "starting to bottom here… worth a look," immediately followed by "I would hardly call the sector leader in the market." Staples remain last in his defensive ranking. This is a bombed-out group showing its first signs of life, not a rotation call.
40:31You're kidding. Where is the life? Kraft Heinz, Hershey's all starting to bottom here. I think they're worth a look. I would hardly call the sector leader in the market, I'm sure there's a — And then you look at health care which I think is an animal of its own.
In short: Green shoots. Q2 revenue −1% Y/Y to $6.3B (a $140M beat) with adjusted EPS $0.56 ($0.03 beat), though GAAP results were distorted by a $7.4B non-cash impairment — another write-down of goodwill and brand values. Organic sales fell 1.3%, with 1.3 points of pricing offset by a 2.6% volume/mix decline, hurt by the Easter reversal and continued weakness in meats. The trajectory is the encouraging part: US consumption declined roughly 2.5% in Q2 but improved to around 1% in July, while market-share losses narrowed to roughly 20 bps versus 90 bps in 2025, with early traction in Capri Sun, Mac & Cheese and parts of the Taste Elevation portfolio. Profitability is the price: adjusted operating income −18% to $1.0B as higher advertising, manufacturing inflation and volume pressure outweighed pricing and productivity, with another $100M of mostly marketing investment taking FY26 incremental spending to ~$700M. FY26 organic sales guidance was nevertheless raised to −0.5% to −2.0% (from −1.5% to −3.5%) despite a ~1-point SNAP headwind, with adjusted EPS of $2.03–$2.09. "The next step is turning those green shoots into volume growth without sacrificing even more margin."
In short: Same bucket — a "terrible" packaged-food business he'd avoid; brands have lost the competitive edge they once had.
32:42levels on it. Who why would you even drink that eat that stuff? So, so I think that it's it's not a good company to buy. I think you're in a very kind of value trap with those businesses. I think they're they're just very difficult businesses like all snack cuz it's Kagra Craft Hinder terrible. Yeah. They're all very bad businesses.
In short: The Kraft Heinz in the staples-rebound basket — Wall Street's reasons to hate it (Ozempic, packaged-food decline) are the consensus capitulation he buys against.
Kraft Heinz is the staple the viewer specifically asked about. His take: the reasons Wall Street hates it (Ozempic, packaged-food decline) are exactly the consensus capitulation he likes to buy against, with a rebalance and inflation tailwind ahead.
51:13Okay, you think like even, you don't think it's like, so take Kraft Heinz, take General Mills, take Campbell's, is like another structural change that just like everybody's on Ozempic and nobody eats these kind of packaged foods anymore? I hear you, and what happens in all bear markets is they come up with these — Wall Street comes up with these reasons to hate uranium stocks at the lows, right? Oh, Fukushima. Every single time there's value or an opportunity, the consensus of all the research
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