NEW YORK (TheStreet) -- The Coca-Cola Co. (KO) is planning to cut at least 1,000 to 2,000 jobs globally in the upcoming weeks, the Wall Street Journal reports. It would be the company's biggest job cut in 15 years.
Shares of Coca-Cola are up 1.18% to $42.85 in early afternoon trading on Tuesday.
The soft drink and alternative non-alcoholic beverage maker is also tightening its budget, the Journal added, telling its executives to take cabs instead of limos, and dropping its expensive Christmas party for Wall Street analysts.
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These plans are a part of Coke's $3 billion cost-cutting initiative, the company announced back in October, following a warning stating it would miss its profit targets this year and next year, as consumers cut back on their soda intake, the Journal noted.
Investors are concerned Coke won't be able to pull off its plan, and are questioning whether or not the cuts will be sufficient, the Journal said.
"Their track record in cutting costs has not been very strong, so there's a reluctance among investors to believe in them," a Sanford Bernstein analyst told the Journal.
Separately, TheStreet Ratings team rates COCA-COLA CO as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation: