Evening Update: PepsiCo Expects Earnings Boost From Frito-Lay Sales

PepsiCo(PEP Quote) said it sees its first-quarter earnings in line with the 13-analyst estimate of 28 cents a share. The company attributed the solid profit to strength in its Frito-Lay snack food division and its juice business, but added that high prices were problematic for its North American Pepsi-Cola unit.

Chairman and CEO Roger Enrico said he also expects fiscal 2000 earnings to meet the 16-analyst estimate of $1.38 a share. Enrico said the company's share repurchasing program is being exercised faster than expected.

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Seagate Technology (SEG Quote), the leading maker of computer disk drives, said it would be acquired by an investor group, Silver Lake Partners, that includes its management in a complex deal that would sell its 33% stake in Veritas Software (VRTS Quote) back to that company. ...