Diamonds and Dogs
Pepsi (PEP) gushing higher. Pepsi is up 3% to a four month high thanks to better than expected earnings. Revenues rose 2.4% year over year to $16.09 billion. Every part of their North American beverages business showing sequential improvement signaling a inflection point for their sodas. Sales at Frito-Lay North America, its biggest business, grew for the second straight quarter, rising 4.3 percent on the back of higher sales of its newly launched products Doritos Blaze and Ruffles Mozzarella and Marinara.
Nordstrom (JWN) stuck in a rut. The department store retailer is in a trading range and doesn't seem to be going anywhere after lowering 2018 sales guidance to $15.2 billion to $15.4 billion from $15.8 billion estimates. Same-store sales are expected to be up 0.5% to 1.5% and diluted earnings per share are expected to be $3.35 to $3.35. The consensus was for a same-store sales increase of 0.8% and EPS of $4.54. A pretty big miss.