Quick Hits: Surging Dollar Leaves Bad Taste in Pepsi's Mouth
The recent surge in the dollar is likely to hurt PepsiCo’s (PEP) fourth-quarter earnings.At current rates the nation’s second-largest soft drink maker says the stronger dollar will cost the company about $0.04 to $0.05 per share. The company now expects to report 2008 earnings of $3.67 to $3.68 a share down from prior estimates of $3.72 to $3.74.PepsiCo plans to cut about 3 300 jobs worldwide as part of a plan to generate $1.2 billion in pre-tax savings over the next 3 years including $350 million to $400 million in 2009. Most of the cuts will come from closing ...
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