After sliding during most of the past month on fears that weight-loss drugs like Ozempic would sap some of its demand, Coca-Cola (NYSE: KO) stock was moving higher in tandem with Pepsico (NASDAQ: PEP), which reported better-than-expected earnings this morning. This helped to quell some of the concerns around the new weight-loss craze.

As of 11:08 a.m. ET, Coca-Cola stock was up 2% after climbing as much as 2.7% earlier in the session. Pepsico, meanwhile, was up 1.1%.

Pepsi topped estimates on the top and bottom lines, raised its full-year earnings guidance, and said that 2024 results would come in at the high end of its long-term range of 4%-6% revenue growth. It also expects core constant-currency earnings-per-share growth in the high single digits.

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Source Fool.com