PepsiCo stock slides as General Mills warning rattles food shares, CAGNY update ahead
PepsiCo shares fell 2.8% to $161.28 Tuesday, tracking losses across consumer staples after General Mills cut its annual forecasts and warned of weaker demand. The sector lagged as investors favored tech and banks. PepsiCo launched a new prebiotic cola and confirmed a quarterly dividend of $1.4225 per share. The company will address investors Wednesday at the Consumer Analyst Group of New York conference.