Diamonds and Dogs
Pepsi (PEP) doing just fine. Pepsi is up 3% following better than expected earnings and raised guidance. Pepsi's price hikes fueled double-digit gains in sales despite lower volumes of snack purchases. Management believes consumers are cautious on spending for big ticket items, but continue to buy Pepsi products.
Utility stocks taking a hit. Higher interest rates have made utility stocks less attractive. NextEra Energy (NEE) fell 4%, Duke (DUK) and Dominion (D) fell 3% ahead of key economic and inflation data tomorrow. Higher rates through the year have made bonds more attractive to utilities which typically have the best dividend yields.
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