Markets opened lower after the June read on the consumer price index came in higher than expected. The Dow was down 11.50 points, the Nasdaq Composite was down 14.17 points and the S&P 500 was done 5.94 points.
Jim Cramer and Action Alerts PLUS senior analyst Jeff Marks discussed JPMorgan Chase (JPM) - Get Free Report, Goldman Sachs (GS) - Get Free Report, PepsiCo (PEP) - Get Free Report, Boeing (BA) - Get Free Report, AbbVie (ABBV) - Get Free Report and much more.
Watch the full interview in the video below:
Take a Sip of PepsiCo Earnings
PepsiCo exceeded expectations across the board and raised guidance when it reported its quarterly earnings ahead of Tuesday's opening bell.
Adjusted earnings per share came in at $1.72, up 30% from the same period last year and easily surpassing the consensus estimate of $1.53 per share.
Revenue rose 20.5.% to $19.22 billion, beating forecasts of $17.98 billion. Beverage sales increased 24% from the first quarter of 2020 as the reopening of entertainment venues bolstered sales.
Bank Earnings Recap
JPMorgan and Goldman Sachs led the banks in reporting earnings with results from Morgan Stanley (MS) - Get Free Report, Citigroup (C) - Get Free Report, Wells Fargo (WFC) - Get Free Report and more expected later this week.
JPMorgan reported earnings per share of $3.78, up 174% from the same period last year and exceeding the consensus forecast of $3.18 per share. Revenue of $31.4 billion also surpassed analysts' estimates of $29.9 billion.