(Bloomberg) — PepsiCo Inc. reported stronger-than-expected sales and earnings in the second quarter as consumers kept stocking up on snack foods during the Covid-19 pandemic, sending the shares higher.The owner of the Mountain Dew and Doritos brands reported revenue of $16 billion in the three months ended June 13. Analysts’ average estimate was $15.4 billion. Earnings per share beat the highest estimate.As one of the first big packaged-food companies reporting results for the spring months, PepsiCo is being closely watched by investors for a look at how consumers are responding to 2020’s upheaval. The company is well-positioned because of its high global share of the market for snack foods, according to Bloomberg Intelligence.PepsiCo shares rose as much as 3.3% in early U.S. trading. The stock was little changed this year through Friday.Organic sales, a closely watched indicator that strips out variables like currency volatility, fell 0.3%, though PepsiCo said the performance gradually improved during the quarter.The company said it still won’t make an outlook for 2020.(Updates with share move in first paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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Tesla Inc. (TSLA) has set September 22 for its “Battery Day” event which is expected to unveil improvements to the batteries powering the automaker’s electric car technology. The event was originally scheduled for earlier in the year however it was postponed because of the pandemic. To address concerns of social distancing, the Tesla plans to live-stream the event while also offer in-person attendance to select shareholders and investors. The main focus of “Battery Day” will be for the unveiling of a new cell to power the company’s vehicles. On May 14, Reuters reported that Tesla and China’s Contemporary Amperex Technology Ltd. were working on a joint development project to create what is being called the “million-mile” battery. It is expected to be cheaper to produce and provide longer-lasting battery life. The average life for a current Tesla vehicle battery is less than half of that amount. Most importantly, the new battery could bring the price of Tesla’s electric vehicles down to a price-point that is comparable to gasoline-powered automobiles.The forum will address questions while also providing shareholders with the opportunity to vote and make decisions on matters such as the expansion of Tesla’s marketing strategy to advertisements. On May 28, Tesla highlighted a statement by San Diego-based shareholder James M. Danforth which said, “Advertising can increase brand value, product awareness, and interest.” He added, “Tesla ads can help mitigate and dilute substantial FUD (‘Fear, Uncertainty, Doubt’) and misinformation campaigns sponsored by competitors and detractors worldwide and steer the narrative more favorably.”Danforth’s proposal calls for at least $50 per produced vehicle to be allocated toward advertising to boost brand awareness and interest. His plan will be voted on by shareholders before the event’s product reveal.Wedbush analyst David Ives highlighted “Battery Day” on July 2 saying that Telsa has “some potentially game-changing battery developments on the horizon and Tesla's stock likely has room to run further.” He reiterated a Buy rating on the shares and a price target of $1,250, which suggests 19% downside potential.Tesla’s stock has rallied 270% year-to-date with a Hold analyst consensus that breaks down into 7 Buy ratings versus 10 Hold ratings and 9 Sell ratings. The $816.35 average price target implies 47% downside potential for the shares in the coming 12 months. (See Tesla's stock analysis on TipRanks).Related News: Tesla’s Elon Musk Overtakes Buffett On Billionaires Rich List Tesla Slashes Model Y Crossover Price By $3,000 Tesla Up 8% As Quarterly Deliveries Surprise; Wedbush Says Stock Rally Isn’t Over More recent articles from Smarter Analyst: * Analog Devices Is Said To Be In Talks To Snap Up Maxim For About $20B * Carnival Spikes 11% On Demand Optimism; Analyst Warns Risk Remains * Tesla’s Elon Musk Overtakes Buffett On Billionaires Rich List * Gilat Strongly Rejects Comtech’s New Merger Complaint; Seeks Remedies

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(Bloomberg Opinion) — When the strongest players pull back from a market, that looks like a bad omen for the weaker peers left behind. But in U.K. retail, there are silver linings for the stragglers.The iconic John Lewis Partnership Plc last week said it would close eight shops including two big department stores, with the loss of up to 1,300 jobs. Walgreens Boots Alliance Inc. is cutting 4,000 jobs in its U.K. Boots business, including in the head office. It will also close 48 optician practices. The group was already shuttering 200 Boots stores.Further pain had been expected for Britain’s shopping malls and high streets amid the pandemic. Although some shoppers are returning, mostly to retail parks, June footfall was down 57% year-on-year, according to data provider Springboard.But the latest retreats are especially significant. John Lewis has only 36 large department stores, a relatively small estate. It has benefited from owning Waitrose supermarkets, which have performed well during the pandemic. Meanwhile, some 40% of sales were already online prior to the Covid-19 crisis, thanks to early digital investment.There is a question mark over whether John Lewis really needs to cull two major sites. Its Watford store, north-west of London, already had a rent-free deal with landlord Intu Properties Plc. Likewise, an important anchor tenant such as John Lewis could have surely done a deal with Hammerson Plc, the landlord of the Birmingham store, for better terms.As for Boots, the chain has suffered from a slump in sales of high-margin beauty and fragrance products, but most of its stores remained open during the lockdown while the government forced the closure of non-essential shops.  Other retailers have not enjoyed these advantages. Mid-market fashion looks particularly exposed. Marks & Spencer Group Plc traditionally caters to an older demographic in its clothing and home furnishings business. Rising Covid-19 cases around the world may be making its customers even more reluctant to venture out. The group is already about halfway through closing 110 stores.Billionaire Philip Green’s Arcadia Group also faces a fall in demand for clothing. It has some big sites in city centers, where consumers are particularly nervous about shopping.But as the big names pull back, the tenants who remain enjoy a lessening of competition. Plus they gain some bargaining power over landlords. New Look Retail Group is among the firms in discussions about moving to more flexible rents. The shock of John Lewis closing two flagship stores could make property owners more acquiescent.One player who can be expected to make the most of this environment is Mike Ashley. The retail entrepreneur owns a majority stake in Frasers Group Plc, whose Sports Direct division is likely to have traded well through the pandemic, bolstered by online demand for home workout gear. With rival Debenhams Plc and now John Lewis shrinking, that can only help Ashley’s bid to transform some of his House of Fraser department stores using his much-maligned “Harrods of the High Street” concept. And he’s not one to miss an opportunity to put pressure on landlords. In fact, it’s his specialty.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Andrea Felsted is a Bloomberg Opinion columnist covering the consumer and retail industries. She previously worked at the Financial Times.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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The latest 13F reporting period has come and gone, and Insider Monkey have plowed through 821 13F filings that hedge funds and well-known value investors are required to file by the SEC. The 13F filings show the funds' and investors' portfolio positions as of March 31st, a week after the market trough. Now, we are […]

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Top news and what to watch in the markets on Monday, July 13, 2020.

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A failure to contain the spread of the virus could plunge the economies of the United States, Australia and New Zealand back into hibernation.

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Alibaba Group Holding Ltd co-founder Jack Ma has cut his stake in the company over the past year to 4.8% from 6.2%, cashing out around $8.2 billion at its current share price, the firm’s annual filing released on Friday showed. The divestment comes as Ma retired as the Chinese e-commerce company’s executive chairman in September and pulled back from formal business roles to focus on philanthropy. Alibaba did not disclose the average selling price of his divestment.

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Buying value stocks at bargain-basement prices has netted sub-par returns for more than a decade. But don’t count out these stocks yet.

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Jul.13 — Grzegorz Poniatowski, vice president at Centre for Social and Economic Research, discusses Poland’s general election results. He speaks on “Bloomberg Markets: European Open.”

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