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News Breaks
April 16, 2013
11:29 EDTCOKE, KOCoca-Cola climbs after Q1 results, preliminary restructuring deal
Coca-Cola (KO) is advancing after the company announced stronger than expected first quarter results and said that it would look to restructure its U.S. bottling system sooner than previously expected WHAT'S NEW: Coca-Cola's first quarter earnings per share and revenue were both higher than expected. Coke reported earnings per share of 46c, which beat the consensus 45c forecast, on operating revenue of $11.04B, which topped the $11.02B consensus. The beverage maker said that its sales volume increased 4% during the quarter, up from 3% in the previous quarter. The company also announced that it had agreed in principle with five bottling companies to create a franchised bottling system. Under the system, the five companies would receive exclusive rights to bottle Coca-Cola products in some areas of the U.S. The deal will enhance the quality of the bottling operations in these areas, Coca-Cola stated. Financial terms of the deal, which is expected to be hammered out by the end of this year, were not disclosed. The territories that will be affected include Tennessee, Alabama, Denver, and Kentucky. One of the bottlers, Coca-Cola Bottling Consolidated (COKE), announced it has signed a non-binding letter of intent to expand its franchise territory. ANALYST REACTION: In a note to investors, Citigroup analyst Wendy Nichols wrote that Coca-Cola's results were strong. Moreover, the company's decision to refranchise some of its territories is positive, as uncertainty about the timing and scope of the move had weighed on the stock, Nichols added. She maintained a $45 price target and Buy rating on the shares. TODAY'S PRICE ACTION: In late morning trading, Coca-Cola jumped $2.22, or 5.5%, to $42.31. Meanwhile, Coca-Cola Bottling Consolidated rose 3.8% to $60.23.
News For KO;COKE From The Last 14 Days
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March 26, 2015
14:08 EDTKOPepsi regains number two spot from Diet Coke in cola wars, AP says
Pepsi (PEP) regained the number two spot from Diet Coke (KO) in the cola wars. Diet Coke had knocked Pepsi off the number two spot back in 2010, AP reports. Reference Link
March 19, 2015
06:53 EDTKOCoca-Cola CEO to raise marketing budget, revamp distribution network, WSJ says
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March 18, 2015
10:31 EDTKOPepsiCo's valuation low vs. peers, says Credit Suisse
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09:36 EDTKOActive equity options trading on open
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March 17, 2015
16:00 EDTKOOptions Update; March 17, 2015
iPath S&P 500 VIX Short-Term Futures down 11c to 27.30. Option volume leaders: AAPL RIG MGM HTZ TWTR TSLA CY KO NFLX C according to Track Data.
March 15, 2015
18:04 EDTKODavid Winters says Coca-Cola CEO declined bonus not enough, Reuters says
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