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Why is PepsiCo Inc (PEP) Stock down?

05 Oct, 2023:

Shares of Pepsico, Inc. (PEP) dropped by 5.22% from $168.91 to $160.10 in the trading on Thursday October 5, 2023. The reasons why stock PEP is down today is due to concerns that weight-loss drugs like Ozempic and Wegovy are causing consumers to buy fewer groceries and consume fewer calories. Walmart's CEO mentioned a slight pullback in overall purchases linked to these drugs. This indicates an impact on the packaged food and beverage industry. While this news led to a soft drink industry sell-off, it's wise for investors to monitor the situation rather than make hasty decisions based on the current uncertainty.

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