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Pepsi (PEP) and consumer staples stocks more generally have been destroyed over the last month. But PEP earnings out early this morning suggest that the carnage may be overdone. The numbers looked solid across the board including 9% organic revenue growth and core EPS of $2.25 compared to $1.97 a year ago. PEP also marginally raised its full year EPS guidance to $7.54 (from $7.47) and initiated FY24 guidance that looked fine as well. Mr. Market is a manic depressive. Sometimes he’s overly optimistic and sometimes overly pessimistic. PEP shares are currently +3% in the premarket.

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