Christine Short and Zach Warring cover retailer earnings. Christine thinks the “cautious consumer” is one of retail’s biggest headwinds as 2Q shows beats despite tariffs. She notes that value is leading, expecting lower-priced namesake brands like Abercrombie (ANF) or Urban Outfitters (URBN) to see strength there. Zach has a Strong Buy rating on ANF, but has a Sell rating on Kohl’s (KSS) over valuation. He also likes TJX (TJX), which is “obviously gaining market share,” and Ross Stores (ROST).