Market Focus


Beverage and snack giant PepsiCo beat on both the top and bottom lines, sending shares higher. The strong results came despite a decline in North American sales of carbonated drinks. The company also raised its full-year profit forecast. Shares of PepsiCo rose nearly two percent to $90.82.


Shares of GlaxoSmithKline dropped after it lowered its outlook for the year. The drug maker said sales slid a weaker than expected 13 percent in its second quarter, this as its respiratory drugs struggled in the U.S. and a strong pound hurt its growth. The stock was off about six percent to $50.04.

Dow Chemical 

Dow Chemical reported earnings and revenue that topped consensus. Its results were helped by sales gains in all of its segments and its margins improved because of higher prices and a tight control on costs. Shares rose more than three percent to $53.89.


Shares of Xilinx plunged after the company reported disappointing results. The chip maker was hit by weaker than expected sales in its defense and wireless businesses. Xilinx also gave weak revenue guidance. The stock was 14 percent lower to $41.26, its worst one-day performance in nine years.


Caterpillar also traded lower after the company announced a sales decline. The maker of tractors and other agricultural equipment said total retail sales from the April to June period were off ten percent and retail machines sales also fell from March to May. Shares were down 1.5 percent to $108.38.

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