Market Focus

PepsiCo

PepsiCo hiked its guidance on better than expected results. The beverage and snack giant hiked prices and cut costs which helped it post results that topped estimates. On that, it raised its earnings forecast for the year. Still, shares fell one percent to $94.59.

Walgreens Boots Alliance

Walgreens Boots Alliance beat on the bottom line on higher prescription sales. The company also naming its interim CEO Stefano Pessina as its permanent chief. On top of that it hiked its dividend to 36 cents a share and raised its earnings outlook for the year. Shares popped four percent to $89.55.

Coty & Procter & Gamble

Coty amd Procter & Gamble sealed a deal today. P&G will sell its portfolio of 43 beauty brands to Coty for nearly $13 billion. Procter says it hopes to structure the sale as a Reverse Morris Trust, which is a tax efficient spinoff. Shares of Procter & Gamble fell a fraction to $80.66. Coty fell nearly five percent to $30.04

Costco

Costco saying today that stores open for at least a year saw sales fall in June. A big decline in international same-store sales led the overall decline. The stock was off a few cents to $139.45.

L Brands

Sales at L Brands increased in June, but not as much as analysts were expecting. Its Victoria’s Secret brand lagged, while its Bath & Body works stores exceeded consensus. Shares fell about $2 to $83.92.

IBM 

IBM announced that it’s close to a breakthrough in semiconductor development. Big Blue is working on making chips with much smaller circuitry that pack more power than what’s on the market. Shares rose slightly to $163.85.

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