In other earnings news, PepsiCo ( PEP) reported first-quarter profit that beat analysts' estimates on strong global snack sales. Pepsi reported net income that fell to $1.08 billion, or 69 cents a share, from $1.13 billion, or 71 cents a share, in the same quarter a year ago. Excluding items, the company reported profit of 77 cents a share, beating analysts' expectations of 71 cents per share, according to Thomson Reuters. Despite the better-than-expected results, Pepsi is sticking with its full-year forecasts. The company said it still expects 2013 earnings to grow 7% from its earnings of $4.10 per share in 2012. Pepsi has been boosting its advertising and marketing efforts on brands like Lays potato chips, Quaker oatmeal and its soft drinks. It's also been working to improve its cost-cutting efforts.
Twitter is launching its new music service on Thursday. Twitter Music will let users search for songs based on Twitter activity and view what songs fellow users are listening to or recommend. Twitter users will be able to see what music is trending on Twitter and find songs suggested to them based on the artists they follow. The microblogging Web site has also added music providers like Rdio, Spotify and iTunes to the service, allowing users to play music through the app or Web page.