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Pepsi Shares Drop
This blurb ran in NYT Business section Friday, August 30, 1996.
PEPSI SHARES DROP ON RESTAURANT BUSINESS WORRIES
The shares of Pepsico Inc. fell yesterday for a thrid-consecutive
day to their lowest level since January after an analyst's downgrade
led to concerns about the company's restaurant business. Mark
Cohen, an analyst with Goldman Sachs & company, removed Pepsi
from his recommended list, saying he expects disappointing sales
to continue at the company's Pizza Hut and Taco Bell chains.
Last month, Pepsi said second-quarter sales at its restaurants
declined 2 percent from a year ago. A pepsi spokesman,
Richard Detwiler Jr., said the company expects third-quarter profits
at Pizza Hut and Taco Bell to be flat, but he did not give a projection
on sales. In New York Stock Exchange trading yesterday, shares of
Pepsico fell $1.375, to $28.625.