Diamonds and Dogs
Pepsi (PEP) benefitting from the reopening of the economy. Pepsi is up 2% to new highs following strong earnings as revenue rose 20.5% to $19.22 billion. Pepsi sales have reaccelerated with the reopening of restaurants and the economy along with indications they are taking market share from Coke.
More bad news for Boeing (BA). Boeing is down 3% at a two-month low as the company will cut its 787-production rate as it works through a new production-related structural defect in its troubled twin-aisle airliner program. The company now forecasts delivering fewer than half of the lingering 100 or so 787s in its inventory this year. Boeing handed over 45 planes to customers in June, its highest monthly total since March 2019, when the second of two fatal 737 MAX crashes occurred.
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