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Unilever is a diversified personal-care (52% of 2022 sales by value), homecare (14%), and packaged food (34%) company. Its brands include Knorr soups and sauces, Hellmann's mayonnaise, Axe and Dove skin products, and the TRESemmé haircare brand. The firm has been acquisitive in recent years; notable purchases include Paula’s Choice, Liquid I.V., Horlicks, Garancia, and The Vegetarian Butcher.

According to the advance estimate released today by the Bureau of Economic Analysis, U.S. Gross Domestic Product expanded in the second quarter at an annualized rate of 2.8%. That's well above the 2.0% consensus and 1.4% growth in the first quarter. Strong growth with easing inflation keeps the prospect of a September rate cut on the table. Spending by consumers and businesses drove growth. Personal consumption expenditures were up 2.3%, helped by a rebound in durable goods. The huge services category grew 2.2%. Consumer spending on goods rose 2.5%, reversing a 2.3% decline in 1Q. Within goods, durables jumped 4.7% after a 4.5% decline in 1Q. Nondurables were up 1.4%. Mortgage rates stuck near 7% strained housing affordability in 2Q, sending prospective buyers to the sidelines and residential fixed investment (housing) down 1.4%. This reversed a 16% jump in 1Q. Spending on equipment rose 11.6%, while intellectual property was up 4.5%. The report also contains data on inflation, which, consistent with recent reports, showed signs of moderating. The PCE Price Index increased 2.6% in the second quarter, compared with an increase of 3.4% in the first quarter. Excluding food and energy, the index increased 2.9%, compared with an increase of 3.7% in the previous quarter. In our view, the report this morning indicates that consumers and businesses remain resilient even after Fed's 11 rate hikes. After the report, futures on the S&P 500 rose. The yield on the 10-year Treasury note rose slightly as inflation eased amid strong growth. Based on futures trading, there was little change in the expectation that the Fed will maintain its 5.25%-5.5% policy target when it meets next week. Futures continued to show traders expectation for a rate cut in September, but the strong report raised the odds of a 25-basis-point cut and lowered the chance of 50-basis-point cut.

With a 150-year-plus history, Nestle is the largest food and beverage manufacturer in the world by sales, generating more than CHF 90 billion in annual revenue. Its diverse product portfolio includes brands such as Nestle, Nescafe, Perrier, Pure Life, and Purina. Nestle also owns around 20% of French cosmetics firm L'Oreal. The company employs 275,000 people around the world and has a vast portfolio of global products, with more than 30 brands each achieving more than CHF 1 billion in sales annually and a geographic presence that spans almost 190 countries.

The Vickers Top Insider Picks is a daily report that utilizes a proprietary algorithm to identify 25 companies with compelling insider purchase histories based on transactions over the past three months.