Jul 9, 2026 · 7 min
Drug trial failure jolts AstraZeneca as mixed earnings reshape market bets
Pepsi Reports; AstraZeneca and Levi Strauss Fall
The episode shows how company-specific surprises and sector-wide concerns can quickly outweigh otherwise solid results in premarket trading.
- 1PepsiCo’s international strength offset weaker North American snack sales, producing a mixed second-quarter picture.
- 2A failed heart-drug trial sent AstraZeneca and Ionis Pharmaceuticals lower, making clinical risk the day’s sharpest shock.
- 3Levi Strauss, Salesforce, and Costco each faced market skepticism despite guidance, analyst, or sales developments that appeared positive.
Don't miss
AstraZeneca and Ionis Pharmaceuticals’ heart drug failed to prevent heart problems in a clinical trial, triggering the episode’s clearest market shock.
The brief
Bloomberg’s Dan Curtis, hosted by Karen Moscow, frames a market session where earnings, guidance, and one failed drug trial produced sharply different reactions.
PepsiCo’s international sales lifted second-quarter results, but weaker-than-expected organic growth in North American snacks exposed a mixed regional picture.
AstraZeneca and Ionis Pharmaceuticals suffered the clearest setback: their heart drug failed to prevent heart problems in a clinical trial, pressuring both stocks.
Levi Strauss raised its full-year guidance after beating quarterly expectations, yet shares fell as analysts viewed the increase as a first-half benefit rather than stronger future momentum.
Salesforce weakened after a KeyBanc downgrade amid software-sector pressure and concerns about AI, while Costco slipped after comparable sales missed estimates despite strong performance.
What was said on this episode
14 statements · 3 positive · 9 negative · 2 neutral
Pepsi’s North American snacks sales growth missed estimates because lower prices reduced revenue.
“organic sales growth in North America's snacks business missed estimates as lower prices cut into revenue”
Listen at 1:00
Pepsi’s North American food business declined 2%.
“There was a 2% decline in that food business.”
Listen at 1:22
Pepsi’s price cuts are reducing its profit margin.
“Those price cuts, though, are eating into that bottom line just a bit.”
Listen at 1:46
AstraZeneca set a $5 billion sales target for the heart drug.
“Astra had set a $5 billion sales target for this drug.”
Listen at 2:21
The trial setback will make AstraZeneca’s $5 billion sales target harder to reach.
“this stumbling block is going to make it harder for the company to reach that deal”
Listen at 2:27
AstraZeneca’s trial setback may damage perceived credibility beyond lost revenue.
“some of this reaction might just be more than a loss of potential revenue but also a perceived slip in credibility”
Listen at 2:37
Levi Strauss raised its full-year guidance for a second consecutive quarter.
“It's raised its full year guidance for a second straight quarter”
Listen at 2:47
Levi Strauss’s net revenue growth outlook is up to 7.5%.
“The net revenue growth outlook up to 7.5%.”
Listen at 2:58
Analysts attribute Levi Strauss’s guidance increase to first-half outperformance.
“some analysts say the hike is due to first half outperformance”
Listen at 3:04
KeyBank downgraded Salesforce from overweight to sector weight.
“Salesforce which was cut to sector weight from from overweight at Keybank”
Listen at 3:39
Salesforce shares trade below half their price from 18 months earlier.
“Shares are trading at less than half the price they were at 18 months ago”
Listen at 3:53
Concern about AI’s threat is weakening software companies.
“Software companies hit by concern over AI's threat.”
Listen at 3:59
Costco comparable sales growth was nearly 9%, below the nearly 10% estimate.
“total comparable sales came out at nearly 9% but the estimate was nearly 10%”
Listen at 4:18
Costco shares had risen 10% year to date.
“Those shares are up 10% year to date.”
Listen at 4:31
Statements are attributed to the speaker as said on the episode and reflect their view at the time, not PodLume's. They are not advice.
Featuring
Bloomberg L.P.
Levi Strauss & Co.
Artificial IntelligenceListen to the full episode and explore every guest, topic, and moment on PodLume.