Let's Start With PepsiCo
PepsiCo said core earnings for the three months ending in December were pegged at $1.45 per share, a penny ahead of the Street consensus forecast. Group revenues, the company said, fell 9.75% from last year but topped analyst's estimates with a $20.64 billion tally.
“We are pleased with our performance for 2019 as we met or exceeded each of the financial goals we outlined at the beginning of the year. Our revenue growth accelerated for the full year as we embarked on our strategy to win with purpose by becoming Faster, Stronger, and Better," said CEO Ramon Laguarta.
"We increased brand support to become more locally relevant and consumer-centric, we strengthened our go-to-market execution to enhance our customer relationships, and we embraced a new set of initiatives to help build a more sustainable food system," Laguarta said.
And Then There's Tesla
Tesla said it will raise $2 billion in new common stock, less than two weeks after founder and CEO Elon Musk said it "didn't make sense" to raise money.
Tesla said it will use the cash to shore up its balance sheet, as well as for 'general corporate purposes". Tesla said Musk will take up around $10 million worth of stock from the sale, while board member Larry Ellison will purchase $1 million.
"The aggregate gross proceeds of the offering, assuming full exercise by the underwriters of their option to purchase additional securities, would be approximately $2.3 billion before discounts and expenses," Tesla said in a statement. "Tesla intends to use the net proceeds from the offering to further strengthen its balance sheet, as well as for general corporate purposes."
And, Finally, the Coronavirus
15,000 new cases of the coronavirus were announced Wednesday, which brings the total to 59,000.
This could, however, be due to the change of the diagnosis method, since the spike in cases came after officials started to use new technology to diagnose cases. But, either way, it raises the question about the scale of the epidemic in China.
Another 242 deaths were announced Wednesday.