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IN THIS EDITION
AI growth meets infrastructure constraints: ADI’s record quarter and 20%‑plus growth outlook increasingly depend on solving power availability through grid-to-chip efficiency and capacity investments. Execution becomes the growth lever: TJX and Estée Lauder are addressing controllable operating issues through sharper planning, delayering, restructuring, and more disciplined execution.
Also worth noting:
- Deere expects approximately $1.1 billion in fiscal 2026 direct tariff expense.
- Barrick’s gold production reached 976,000 ounces, beating guidance by 3%.
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Management framed power availability as the primary constraint to further AI progress, shifting the AI bottleneck discussion from compute metrics to gigawatt capacity. The strategy requires a grid-to-chip system-level approach that includes improving the availability and delivery of energy and maximizing the computing power extracted per delivered watt. Analog Devices, Inc. · ADI · 2026 Q3
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Management said Marmaxx could have executed store mix better by being sharper on having the right goods in the right stores at the right time. They characterized the Marmaxx problems as self-inflicted and within management’s control, driven by merchandise mix gaps in TJ Maxx and Marshalls. The TJX Companies, Inc. · TJX · 2027 Q2
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Management said Q3 included $110 million of incremental tariff-related refunds due to Phase II AIPA refund approvals timing. Total refunds recognized in fiscal 2026 were updated to $382 million, while the outlook assumes no further refund activity during the rest of fiscal 2026. Deere & Company · DE · 2026 Q3
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Management clarified misconceptions by stating the total value of the Newmont package is approximately $4 billion. The company said the package includes Fourmile and also contributions from Newmont properties Mike and Fiberline, plus settlement of historical disputes and litigation. Barrick Mining Corporation · B · 2026 Q2
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Management described Beauty Reimagined as a leadership and cultural transformation initiated with Beauty Reimagined in February 2025 to become faster and more agile. CEO said PRGP approvals being completed allows energy to focus on accelerating growth. The Estée Lauder Companies Inc. · EL · 2026 Q4
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Surprise Watch
Results that moved furthest from expectations. |
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— First $4B-quarter Analog Devices, Inc. · ADI · 2026 Q3 |
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— 976k ounces gold · Surprise: 3% above guidance Barrick Mining Corporation · B · 2026 Q2 |
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Executive Speak
Management commentary worth tracking. |
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— Ernie Herrman discussed why Marmaxx second-quarter performance was below expectations.
Ernie L. Herrman, CEO · The TJX Companies, Inc. · TJX · 2027 Q2
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 — Joanne and Scott discussed the setup for fiscal 2027 and confidence in the durability of growth from the higher base achieved in fiscal 2026.
Scott Roe, CFO · Tapestry, Inc. · TPR · 2026 Q4
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Go Deeper
Longer-horizon company reviews. |
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Across FY2026 calls, management framed a pivot from restructuring-led recovery to growth-led momentum. Organic sales returned to growth, operating margin expanded, and cash generation improved, while executives repeatedly linked progress to PRGP discipline, faster innovation, and shifting consumer coverage toward online and specialty channels. The Estée Lauder Companies Inc. · EL · FY 2026
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Across Q1–Q4, management framed Amplify as structural: Gen Z-led customer acquisition and core leather execution drove expanding profitability and a stronger cash engine. Coach showed compounding momentum and store-driven experiences, while Kate Spade’s turnaround stayed more gradual, managed through assortment focus, marketing reach, and selective retail upgrades. Tapestry, Inc. · TPR · FY 2026
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Insights & Analysis
Perspectives on the themes shaping companies and markets. |
Technology-Led Growth Investments |
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ADI outlines a multi-factor path to 20%+ revenue growth into fiscal 2027, anchored by secular AI/data-center momentum, cyclical demand normalization, and pricing tailwinds. The company notes capacity is being scaled and margins are broadly supported amid growth investments. Analog Devices, Inc. · ADI · 2026 Q3
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Deere outlines a path where a higher-technology mix and strong early-order take rates could lift 2027 earnings, supported by See-and-Spray and next-generation planter tech; however, management cautions it’s too early to confirm the magnitude of any 2–3 percentage-point mix benefit. Deere & Company · DE · 2026 Q3
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Sharper Consumer Execution |
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Marmaxx faced execution-related underperformance due to merchandise-mix gaps in stores, particularly for impulse and basic categories, not due to competition. TJX reports cross-functional fixes and systematic planning to prevent recurrence, with early improvements in August and a targeted return to a 2%-3% comp cadence by Q4 as the holiday season nears. The TJX Companies, Inc. · TJX · 2027 Q2
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Estée Lauder management frames margin expansion as driven mainly by SG&A efficiency and delayering, with gross margin a modest contributor and ongoing restructuring benefits flowing into 2028. They outline a cash plan centered on deleveraging, fully funded CapEx for consumer growth, and steady dividends, while affirming that transformational M&A is off the table and a 13.5% margin runway remains attainable. The Estée Lauder Companies Inc. · EL · 2026 Q4
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More Insights |
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Barrick breaks down the roughly $4 billion joint-venture package as a blend of Fourmile’s 38% share, Newmont’s Mike and Fiberline contributions totaling about six-point-four million ounces, and costs tied to settling legacy disputes plus IPO-friction reductions. Management notes the netting framework, with settlement components included, and refrains from providing a granular dollar-by-asset breakdown. Barrick Mining Corporation · B · 2026 Q2
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More Highlights
Additional earnings developments worth tracking. |
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Management said Q3 results reflected strong execution across all segments, with factories exceeding expectations on production output and disciplined execution plus favorable price realization. Deere & Company · DE · 2026 Q3
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Joanne described Amplify as a daily execution system delivering creativity, value, and relevance at scale across brands and consumers. Tapestry, Inc. · TPR · 2026 Q4
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