Raymond James says Levi's direct-to-consumer quarter was messy

The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day. 1153 ET - PepsiCo CEO Ramon Laguarta says the company is open to exploring strategic options that would improve execution in the beverage business, particularly in the U.S. That being said, the company's main focus is to continue to invest in its brands, executing on its strategy to grow the business. At this point, there are no plans to separate PepsiCo's snacks and beverage businesses: "No, that's not what we're thinking about," Laguarta says in an interview with CNBC, when asked about a potential split. (connor.hart@wsj.com) 1148 ET - Levi Strauss's most recent quarter was "a little messy," Raymond James analysts say. The denim company's direct-to-consumer results were a bit softer than expected because U.S. products didn't resonate with shoppers and there wasn't enough inventory in key low-rise styles, the analysts say. Levi is reinvesting some of its tariff refunds into the business and the business has started to improve, however. The analysts also debate whether elevated spending on marketing and promotions will persist into the next fiscal year and weigh on profitability. Shares are down 3.6%. (katherine.hamilton@wsj.com) 1119 ET - David Ellison says all the work it took to complete his $81 billion deal to combine Paramount with the much larger Warner Bros. Discovery was well worth it. "The reason why we went through everything that we did is because with the combination, and the completion of this transaction, we are positioned to win in every single vertical that we operate in," Ellison says in an interview with CNBC. Ellison adds that the combined company, called Skydance, has "the greatest content engine with marquee intellectual property," as well as the ability to immediately scale its streaming, sports and linear portfolios. (connor.hart@wsj.com) 1047 ET - A strong El Nino could provide some relief for Europe's natural-gas market over the coming months, says Capital Economics' David Oxley. Warmer-than-average temperatures would reduce heating demand from households and small businesses, lowering overall gas consumption. At the same time, stronger winds could increase electricity generation from wind power, further reducing reliance on gas-fired power generation. This would be particularly helpful given that European gas storage levels are currently around 18 billion cubic meters below their five-year average, according to the economist. Lower demand could therefore reduce competition with Asia for limited global LNG supplies and limit the risk of a sharp increase in gas prices. Capital Economics forecasts the Dutch TTF contract, Europe's benchmark, to end the year at 80 euros a megawatt-hour, broadly in line with current levels. (giulia.petroni@wsj.com) 1045 ET - Celestica's 3Q will likely top expectations, says CIBC's Todd Coupland, who sees improving visibility and a strong slate of big tech customers. In a report, the