{
  "report_rows": [
    {
      "kpi": "Adj. diluted EPS (Q2'26)",
      "prediction": "BEAT",
      "answer": "pred ~$0.31 vs. cons ~$0.30",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Organic sales growth (Q2'26)",
      "prediction": "BEAT",
      "answer": "pred ~+1.5% vs. cons ~+0.8%",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Net sales (Q2'26)",
      "prediction": "IN-LINE",
      "answer": "pred ~$3,900M vs. cons ~$3,875M",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY26 outlook (guidance suspended pending KMB deal)",
      "prediction": "UNKNOWN",
      "answer": "guide none/suspended vs. cons FY26 adj EPS ~$1.20 (FY26) \u2014 no call, no guidance",
      "confidence": "HIGH"
    },
    {
      "kpi": "Deal close timeline (KMB acquisition)",
      "prediction": "UNCHANGED",
      "answer": "guide H2 2026 close vs. cons H2 2026 (2H26)",
      "confidence": "HIGH"
    },
    {
      "kpi": "Implied deal value vs. spread (0.14625 KMB + $3.50, KMB $112.40)",
      "prediction": "UNCHANGED",
      "answer": "implied ~$19.94 vs. KVUE ~$19.66 (~1.4% gross spread)",
      "confidence": "HIGH"
    }
  ],
  "day1_residual_pct": 0.4,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 0.3,
  "day5_path": "STABILIZE",
  "day5_rationale": "KVUE is a late-stage merger-arb name (~82% KMB stock + $3.50 cash), so the print is academic \u2014 no call, no guidance, U.S. HSR + EU-FSR cleared, H2'26 close intact. The stock tracks the KMB exchange ratio and deal spread, not its own KPIs; even a modest beat on easy comps won't re-rate the ~1.4% spread. KMB already reported (8/4, EPS $2.12 beat, trimmed FY guide) and rose, so payout math is set. Residual return stays near zero absent a MAC/EU-review scare or KMB drawdown; spread grinds tighter into close.",
  "day5_confidence": "MEDIUM"
}