Coca-Cola Shares Slip on Soda Tax

Shares of the soda maker slipped Friday, one day after Philadelphia became the first big U.S. city to tax soda. The city imposed a $0.015 per ounce tax on sugary drinks. Coca-Cola (KO) - Get Report also issued updated guidance Thursday, saying it expects a decline of 5% to 6% net revenue due to an earlier than anticipated closing of the Coca-Cola European Partners merger., according to Barclays.

This article was written by a staff member of TheStreet.