The Surprising Reason Coca-Cola Stock Was Down 5% Today
Shares of Coca-Cola (NYSE: KO) were falling today over concerns that weight-loss drugs like Ozempic and Wegovy are leading customers to buy fewer groceries and consume fewer calories.
's U.S. CEO John Furner told Bloomberg that the drugs are leading to a "slight pullback in overall basket." He added, "Just less units, slightly less calories."
The news prompted a sell-off in the soft drink industry, with Coca-Cola finishing down 4.8%. Pepsico lost 5.2%, meanwhile, and other beverage stocks were down substantially as well.
Source Fool.com
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