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Brendan McDermid | ReutersThis report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. What you need to know todayThe bottom lineThe Nasdaq Composite managed to log a seventh consecutive winning week. Investors also looked ahead to Big Tech earnings coming out this week: shares of Meta , Amazon and Microsoft added as much as 1%. Even though almost three-quarters of S&P companies have beaten expectations, according to FactSet data, the rate of profit growth has not met expectations, disappointing investors.
Persons: Brendan McDermid, CNBC's Pia Singh, James Quincey, — CNBC's Brian Evans, Pia Singh, Alex Harring Organizations: New York Stock Exchange, Reuters, CNBC, Nasdaq, Dow Jones, Investors, Big Tech, Meta, Microsoft, Dow
Coca-Cola CEO James Quincey said the company doesn't expect an E. coli outbreak linked to McDonald's to hurt the beverage company's sales. McDonald's is Coke's largest restaurant customer, and the two companies' symbiotic relationship has existed for nearly seven decades. On Tuesday, the Centers for Disease Control and Prevention announced that it has linked an E. coli outbreak in 10 states to McDonald's Quarter Pounder burgers. Both ingredients are unique to the Quarter Pounder burgers, although cooking the patty at the correct internal temperature should kill the bacteria. The outbreak comes as consumers broadly have been spending less at restaurants, hurting both McDonald's and Coke.
Persons: James Quincey, Quincey, McDonald's, Coke, it's, Joe Erlinger Organizations: Cola, Olympic Committee, China Mengniu Dairy, International Olympic Committee, CNBC, Centers for Disease Control, Prevention, CDC Locations: China, SwissTech, Lausanne, Colorado , Kansas , Utah, Wyoming, McDonald's, Coke
Coca-Cola on Wednesday reported quarterly earnings and revenue that topped analysts' expectations, thanks to a boost from higher prices that offset sluggish demand. Unit case volume fell 1% in the quarter, driven by weakening demand in some international markets. Consumer companies, including Coke, have reported in recent months that customers are more price sensitive, leading to sluggish demand for its products as prices remain high. Pepsi said volume for its North American beverage business fell 3% in its third quarter, fueled by weakening demand for energy drinks. Coke is projecting a low-single-digit headwind for comparable revenue and a mid-single-digit headwind for earnings per share.
Persons: Coke, Quincey Organizations: LSEG, Consumer, PepsiCo, Quaker Foods, Pepsi, CPI Locations: U.S, North America, Chico, Europe, Middle East, Africa, Asia, Pacific, China, Turkey, Latin America, Argentina
Two Democratic lawmakers are demanding that some of the biggest food and beverage companies stop engaging in “shrinkflation” — the practice of reducing product sizes while charging prices that are the same or higher. Spokespeople for General Mills, Coca-Cola and PepsiCo did not immediately respond to requests for comment. President Joe Biden has mentioned shrinkflation numerous times, declaring it a “rip-off” in a video he posted to X. Sarah Gallo, senior vice president of federal affairs at Consumer Brands Association, a trade group that Coca-Cola, PepsiCo and General Mills all belong to, defended industry practices to NBC News. Dean said the letters were sent to “ease the wrongful burden” the companies are imposing on consumers.
Persons: Sen, Elizabeth Warren of, Madeleine Dean of, Mills, General Mills, Jeff Harmening, James Quincey, , Ramon Laguarta, Spokespeople, Warren, Dean, ” Warren, ” Sen, Elizabeth Warren, Ting Shen, Joe Biden, Nailya Ordabayeva, , ” Ordabayeva, shrinkflation, Doritos, Sarah Gallo, ’ ” Dean Organizations: Democratic, Elizabeth Warren of Massachusetts, Cola, PepsiCo, NBC, North, Retail, CNBC, Gatorade, Republican, Taxation, Economic, , NBC News, Bloomberg, Boston University Questrom School of Business, Consumer Brands Association, General, Federal Reserve Bank of San Locations: shrinkflation, Washington, Federal Reserve Bank of San Francisco
In pointed letters, Sen. Elizabeth Warren of Massachusetts and Rep. Madeleine Dean of Pennsylvania accused General Mills, Coca-Cola and PepsiCo of engaging in a "pattern of profiteering" through shrinkflation and by "dodging taxes." The same with PepsiCo, which "replaced its 32 oz Gatorade bottle with a 28 oz bottle for the same price." Spokespeople for General Mills, Coca-Cola and PepsiCo did not immediately respond to requests for comment. President Joe Biden has mentioned shrinkflation numerous times, declaring it a "rip-off" in a video he posted to X. Sarah Gallo, senior vice president of federal affairs at Consumer Brands Association, a trade group that Coca-Cola, PepsiCo and General Mills all belong to, defended industry practices to NBC News.
Persons: Sen, Elizabeth Warren of, Madeleine Dean of, Mills, General Mills, Jeff Harmening, James Quincey, Ramon Laguarta, Spokespeople, Warren, Dean, Joe Biden, Nailya Ordabayeva, Ordabayeva, shrinkflation, Doritos, Sarah Gallo Organizations: Democratic, Elizabeth Warren of Massachusetts, Cola, PepsiCo, NBC, North, Retail, CNBC, Gatorade, Republican, Taxation, Economic, NBC News, Boston University Questrom School of Business, Consumer Brands Association, General, Federal Reserve Bank of San Locations: Federal Reserve Bank of San Francisco
Coca-Cola and Bacardi testing canned rum and cokes
  + stars: | 2024-09-17 | by ( Kristian Burt | In | ) www.cnbc.com   time to read: +2 min
Coca-Cola just ordered another round in the booming canned cocktail market. It's going with another classic, launching a rum and coke in collaboration with Bacardi Limited. The two brands announced Tuesday plans to release the ready-to-drink cocktail in several international markets, starting with an initial launch in Mexico and select European markets in 2025. The new drink isn't Coke's first entry into the premixed cocktail market. Later that same year, Coca-Cola brand Sprite partnered with Pernod Ricard's Absolut Vodka for two versions of a premixed cocktail, one with Sprite and the other with Sprite Zero Sugar.
Persons: Molson Coors, Hard Seltzer, Brown Forman, Jack Daniels, Coke, Pernod, James Quincey, seltzer Organizations: Bacardi Limited, CNBC, U.S ., Spirits Council, Molson, Boston Beer, View Research Locations: Mexico, U.S
Nurphoto | Nurphoto | Getty ImagesBEIJING — A theme emerging in the latest slew of U.S. companies' earnings reports is a drag from the China market. "Consumer sentiment in China is quite weak," McDonald's chairman, CEO and director Christopher Kempczinski, said of the quarter ended June 30. Apple said Greater China sales fell by 6.5% year-on-year in the quarter ended June 29. Procter and Gamble said China sales for the quarter ending late June fell by 9%. The only public disclosures regarding Peet's China business described it as "strong double-digit organic sales growth" in the first half of the year.
Persons: , Christopher Kempczinski, McDonald's, Lei Meng, Apple, Johnson, that's, General Mills, Kofi Bruce, Mills, Andre Schulten, Procter, Gamble, Schulten, Marriott's, Domino's, DPC Dash, There's, James Quincey, Quincey, We've, Laxman Narasimhan, Luckin Organizations: Nurphoto, Getty, BEIJING, U.S, Nationwide, UBS Securities, General, Procter, Marriott, Asia Pacific, Starbucks Locations: Yichang, Hubei province, China, U.S, Canada, Greater China, Southeast Asia, Japan, South Korea, Asia, Peet's
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCoca-Cola CEO on state of consumer: Have to deliver value and 'earn' the price increaseCoca-Cola CEO James Quincey joins 'Squawk Box' to discuss the company's Olympic sponsorship, the 2024 Paris Olympic games, state of the consumer, McDonald's partnership, competition against Pepsi and Dr. Pepper, and more.
Persons: James Quincey, Pepper Organizations: Pepsi
Some diners are eating out less often — and it's hitting Coca-Cola's sales in North America. There's been "some softness in away-from-home channels," CEO James Quincey told investors. Coca-Cola has been working with restaurants to market combo meals and boost sales, he said. CEO James Quincey told investors on Tuesday that there had been "some softness in away-from-home channels" in North America. To reel in customers, Coca-Cola has been working with restaurants to market food and drink combo meals, Quincey said.
Persons: There's, James Quincey, , Quincey Organizations: Service, Bloomberg, McDonald's, Business Locations: North America
Watch Jim Cramer's full interview with Coca-Cola CEO James QuinceyCoca-Cola CEO James Quincey sits down with 'Mad Money' host Jim Cramer to talk quarterly results, the state of the consumer, the impact of inflation and more.
Persons: Jim Cramer's, James Quincey Coca, James Quincey, Jim Cramer
Elena Perova | Istock | Getty ImagesJust ahead of the holiday season, Walmart had encouraging news for inflation-weary shoppers: Prices on food and other staples were falling instead of rising. But the retail giant backpedaled this week, saying higher prices on many grocery items and household staples like paper goods have stuck. Food prices climbed 2.6%, fueled by a 5.1% jump in prices for food away from home, a category that includes restaurant meals and vending machine purchases. That gives their makers the ability to keep raising prices to mitigate higher costs, even as their volume drops. Even some of the biggest U.S. brands have signaled that consumers' tolerance of higher prices has worn thin.
Persons: Elena Perova, John David Rainey, Coke, James Quincey, Gregory Daco, airfares, Tyson, Fernando Fernandez, Arun Sundaram, Kraft Heinz, Chocolate, Hershey, Edward Jones, Brittany Quatrochi, Sundaram, Pringles, Kellanova, Heinz, Stefani Reynolds, Brad Thomas, CFRA's Sundaram, Thomas, Frederic J, Brown, Oscar Mayer, Greg Melich Organizations: Istock, Walmart, CNBC, Federal, Depot, Pew Research Center, Maine Foods, Unilever, Nestle, Bloomberg, Getty, Planters, Target, Kroger, AFP, U.S, PepsiCo, Frito, Evercore ISI Locations: Hershey , Pennsylvania, North America, Washington ,, Rosemead , California
James Quincey, CEO of Coca-Cola Co., speaking on "Squawk Box" at the WEF in Davos, Switzerland, on Jan. 18, 2023. Inflation is moderating in most markets, after a stretch in which the beverage maker relied on price hikes to drive higher revenue, Coca-Cola CEO James Quincey said Tuesday. But Coke's price hikes have slowed from the last two years' double-digit increases. Coke's overall prices were up 9% in the fourth quarter, but Quincey said that came from hyperinflation in markets such as Argentina. In the majority of Coke's markets, shoppers were only paying about 3.5% more for their drinks than they were a year earlier.
Persons: James Quincey, Coke, Wall, Quincey Organizations: U.S . Department of Labor, Coke, Consumers, U.S, CNBC PRO Locations: Davos, Switzerland, Argentina, U.S, Europe
Watch CNBC's full interview with Coca-Cola CEO James Quincey
  + stars: | 2024-02-13 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Coca-Cola CEO James QuinceyCoca-Cola CEO James Quincey joins 'Squawk on the Street' to discuss what's working for Coca-Cola, how the company achieved volume growth, and more.
Persons: James Quincey Coca, James Quincey Organizations: Coca
Coca-Cola CEO James Quincey on Q4 beat despite peer struggles
  + stars: | 2024-02-13 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCoca-Cola CEO James Quincey on Q4 beat despite peer strugglesCoca-Cola CEO James Quincey joins 'Squawk on the Street' to discuss what's working for Coca-Cola, how the company achieved volume growth, and more.
Persons: James Quincey Organizations: Coca
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCoca-Cola CEO James Quincey on inflation, pricing trends and AI impactThe Coca-Cola Company CEO James Quincey joins 'Squawk Box' to discuss the state of the company, impact of inflation, consumer trends, how the company is utilizing AI, and more.
Persons: James Quincey Organizations: Cola Company
Walmart (WMT.N) expects revenues from its health and wellness products to increase in the second half of the year, mainly due to the popularity of weight-loss drugs. PepsiCo (PEP.O) Chief Financial Officer Hugh Johnston has said the company is "not seeing any impact" yet from the popularity of weight-loss drugs. Coca-Cola (KO.N) CEO James Quincey said the company was monitoring what impact, if any weight-loss drugs will have. Abbott CEO Robert Ford has said diabetes patients could end up using glucose monitors with the weight-loss drugs in the long term. DRUG DISTRIBUTORSCencora (COR.N), formerly called AmerisourceBergen, Cardinal Health (CAH.N) and McKesson (MCK.N) have flagged potential boost to revenues this year owing to the growing demand for weight-loss drugs.
Persons: Victoria Klesty, Eli Lilly's, Eli Lilly's Zepbound, Hugh Johnston, James Quincey, Michele Buck, Dr Pepper, Robert Gamgort, Johnson, Joseph Wolk, Robert Ford, Michael Farrell, Bhanvi Satija, Ananya Mariam Rajesh, Mrigank Dhaniwala, Arun Koyyur Organizations: REUTERS, U.S . Food, Drug Administration, Walmart, PepsiCo, J, Abbott Laboratories, Insulet Corp, Boston Scientific, Cardinal Health, Thomson Locations: Oslo, Norway, Victoria, U.S, GLP, Bengaluru
Coke's overall volume rose 2% in the third quarter, while Pepsi reported flat beverage volume and a 1.5% decline in its food volume. Coke reported flat volume, while Pepsi's North American beverage unit saw volume fall 6%. "Coke has been taking share from Pepsi for many, many quarters," RBC Capital Markets analyst Nik Modi said. McDonald's has served Coke products since Ray Kroc opened his first franchised location, and is the beverage company's largest restaurant customer. International success can offset more sluggish domestic demand, like the 6% volume decline for Pepsi's North American beverage.
Persons: Luke Sharrett, Coke, James Quincey, Edward Jones, Brittany Quatrochi, Nik Modi, snacking, Modi, Quincey, McDonald's, Ray Kroc, Taco, Quatrochi Organizations: Pepsi Co, Bloomberg, Getty, Cola, PepsiCo, Coke, Atlanta -, Pepsi, Pepsi's, Gatorade, RBC Capital, Frito, U.S, Taco Bell, Yum Brands Locations: Jasper , Indiana, Atlanta, North America, United States, Europe, North, U.S, Argentina, Turkey
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCoca-Cola CEO on Q3 earnings, company outlook and the state of US consumerJames Quincey, Coca-Cola CEO, joins 'Squawk on the Street' to discuss Q3 earnings and full-year outlook.
Persons: James Quincey Organizations: Cola
The new cocktail will contain a mix of Absolut Vodka and Sprite, the companies said. The drink will be available in two versions with Sprite and Sprite Zero Sugar. The announcement didn't say when the Absolut and Sprite drinks would hit the U.S. market. "We are excited about our new relationship with Pernod Ricard and look forward to the introduction of Absolut & Sprite." Vodka is already one of the most popular bases for alcoholic ready-to-drink beverages, and lemon-lime soft drinks such as Sprite are one of the most popular mixers in premixed cocktails.
Persons: Pernod Ricard, Jack, James Quincey Locations: United Kingdom, Netherlands, Spain, Germany
Coke's latest mystery flavor is AI-generated
  + stars: | 2023-09-12 | by ( Danielle Wiener-Bronner | ) edition.cnn.com   time to read: +3 min
The latest one, Coca-Cola Y3000, fits the bill. Coca-Cola has used its Creations platform, responsible for limited-edition flavors like Y3000, to try to make the brand resonate with younger consumers. Like all Creations drinks, Coca-Cola Y3000 is designed to taste mostly like Coke, with a bit of something else. For the product’s packaging — which appears to allude to a Y2K aesthetic with funky bubbles, pink and blue coloring and a pixelated logo — Coca-Cola used AI-generated images to create a mood board for inspiration. “They’re more engaging and more interesting, demonstrably, than a flavor, a Coke with vanilla or something,” he said.
Persons: it’s “, , Rosalía, “ We’re, Oana Vlad, James Quincey, Organizations: New, New York CNN, Riot Games, of Legends, CNN Locations: New York, United States, Canada, Dreamworld
The fund is one of a growing number investors and policymakers pushing to put more women in company boardrooms. Its latest move comes as the fund takes stock of its ESG engagement with companies so far this year. This year for the first time the fund analysed the structure of all U.S. pay packages above $20 million to see if they aligned with long-term value creation. As a result of its analysis, the fund voted against more than half of pay packages above this level, the report showed. The fund voted against the pay of Coca-Cola's (KO.N) James Quincey, Apple's (AAPL.O) Tim Cook and PepsiCo's (PEP.O) Ramon Laguarta, the fund's voting record showed.
Persons: Carine Smith Ihenacho, Smith, Smith Ihenacho, James Quincey, Apple's, Tim Cook, Ramon Laguarta, Gwladys, Jane Merriman Organizations: ARENDAL, Reuters, Coca, Reuters Graphics Reuters, Thomson Locations: Norway, boardrooms, United States, Europe, Japan, Arendal
Cramer's Lightning Round: Hold DraftKings
  + stars: | 2023-08-17 | by ( Julie Coleman | ) www.cnbc.com   time to read: +3 min
Stock Chart Icon Stock chart icon Salesforce's year-to-date stock performance. Stock Chart Icon Stock chart icon SoFi's year-to-date stock performance. Stock Chart Icon Stock chart icon UiPath's year-to-date stock performance. Stock Chart Icon Stock chart icon DraftKings' year-to-date stock performance. Stock Chart Icon Stock chart icon GE HealthCare's year-to-date stock performance.
Persons: we'll, I'm, It's, Anthony Noto, we're, they're, Let's, DraftKings, I've, it's, James Quincey's, Coke, Jim Cramer's Organizations: Charitable Trust, American Airlines, GE, GE HealthCare
New York CNN —Consumers are pulling back on discretionary spending, and Papa Johns is taking a hit. Lynch joined Papa Johns (PZZA) in 2019. The vast majority, roughly 2,900 out of about 3,400 total North American Papa Johns restaurants, are franchised, according to the company. Sales at Papa Johns locations open at least a year fell in the second quarter. But now, they’re pushing back – and not just at Papa Johns.
Persons: Papa Johns, , Rob Lynch, , we’ve, I’ve, Lynch, American Papa Johns, Luke Sharrett, Papa, Kraft Heinz, Oscar Mayer, Kraft, Miguel Patricio, ” Patricio, George Frey, James Quincey, Steven Cahillane, “ We’re, , ’ ”, ” Lynch, it’s Organizations: New, New York CNN, American Papa, Papa Johns, Bloomberg, Kraft Mac, Kraft Locations: New York, Papa Johns, Capri Sun, Philadelphia, Europe
Coca-Cola bottler bulks up challenged empire
  + stars: | 2023-08-02 | by ( ) www.reuters.com   time to read: +2 min
MILAN, Aug 2 (Reuters Breakingviews) - The world’s largest maker of Coca-Cola bottles is growing bigger. Pouncing on Coca-Cola Beverages Philippines, which Coca-Cola (KO.N) itself is selling, is a no-brainer. The $267 billion U.S. drink maker run by James Quincey is offloading its bottling manufacturing around the world to concentrate on its ubiquitous products. At just over 1 times 2022 sales, the price tag looks cheap compared to CCEP’s own nearly 2 times multiple. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Persons: James Quincey, CCEP, Damian Gammell, Lisa Jucca, Aston Martin, Neil Unmack, Oliver Taslic Organizations: MILAN, Reuters, Cola Europacific Partners, Aboitiz Equity Ventures, Cola Beverages Philippines, Twitter, Thomson Locations: Philippines, Japan, India
But major food companies, from Nestlé to Unilever, increased prices much more than that. The world's biggest food companies spent the first half of this year raising prices, according to several earnings reports released this week. Some external factors have impacted the costs that major food companies pay to produce their products. It's especially easy for global food companies to raise prices, given that a few companies own most of the brands in many US grocery stores. But there's some evidence that consumers aren't willing to put up with higher food prices indefinitely.
Persons: PepsiCo's, Ramon Laguarta, We've, James Quincey, Quincey, PepsiCo's Laguarta Organizations: Consumer, Unilever, Service, PepsiCo, Quaker Oats, Gatorade, Federal Reserve, New York Times, Walmart, Costco, Sam's Locations: Nestlé, Wall, Silicon, Ukraine, Clorox, Kingsford, Europe
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