Divine Capital Markets CEO Danielle Hughes says the technology sector and companies that pay hefty dividends are strong areas to explore in the market. Capital Wealth Planning chief market strategist Jeff Saut later says the economy and earnings will perform better than investors are currently predicting.
PespsiCo Inc.’s second-quarter revenue slipped as consumers stocked up on snacks and bought fewer beverages amid the COVID-19 lockdowns.
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The Purchase, New York-based beverage and snack maker saw sales slump 3.1 percent versus a year ago to $15.95 billion, outpacing the $15.38 billion that analysts surveyed by Refintiv were expecting. Organic revenue, which accounts for foreign exchange and acquisitions, was down 0.3 percent.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| PEP | PEPSICO INC. | 134.86 | +0.40 | +0.30% |
“Despite being faced with significant challenges and complexities as a result of the COVID-19 pandemic, our businesses performed relatively well during the quarter, with a notable level of resiliency in our global snacks and foods business,” PepsiCo CEO Ramon Laguarta said in a statement.
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Sales at the company’s snack division, Frito-Lay, rose 6.6 percent year over year to $4.27 billion, helping to mitigate the 6.6 percent decline seen at its North American beverage unit.
PepsiCo earned a second-quarter profit of $1.65 billion, or an adjusted $1.32 per share. Wall Street analysts were anticipating adjusted earnings of $1.25 a share.
The company previously suspended its outlook due to uncertainties caused by COVID-19.
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PepsiCo shares were down 1.62 percent through Friday, slightly lagging the S&P 500’s 1.42 percent decline.
