Investor confidence in PepsiCo (PEP) finally put the No. 2 beverage maker’s market capitalization ahead of Coca-Cola (KO) for the first time Monday.
- Pepsi closed up 31 cents at $59.31 to give it a market capitalization of $98.4 billion. Coke closed down 36 cents to $41.15 for a market capitalization of $97.9 billion.
- While Coke was busy building its global soft-drink empire, Pepsi grew its business through acquisitions of non-carbonated soft drinks such as Tropicana and Gatorade and of snack makers by its Frito-Lay unit.
- Today, Pepsi generates about 23% of its worldwide profit from carbonated soft drinks while Coke generates about 85% of its profit from carbonated soft drinks such as Coca-Cola and Diet Coke