PepsiCo Inc.’s stock accelerated lower in afternoon trade Friday, after Nelson Peltz’s Trian Fund Management disclosed in a filing that it had sold its entire 18.3 million share stake in the beverage and snack giant during the first quarter. Pepsi shares were recently down 2%, compared with a 1% loss just prior to the release of Trian’s filing. Pepsi’s stock had gained 2.6% during the first quarter, and was up 3.5% since then through Thursday. Trian’s disclosure of its common stock holdings, as of March 31, also showed that it cut its stake in General Electric Co. to 74.2 million shares, from 77.8 million shares as of Dec. 31. Meanwhile, Trian boosted its stakes in Bank of New York Mellon Corp. to 31.8 million shares from 30.9 million shares, in DuPont Co. to 20.5 million shares from 20.2 million shares, in Pentair PLC to 14.3 million shares from 13.7 million shares and in Sysco Corp. to $43.3 million shares from 42.7 million shares.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News