Coca-Cola Shares Fall as Cost Cuts Fail to Placate Investors
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Coca-Cola Co. shares fell the most in six years after third-quarter sales missed estimates and a $3 billion cost-cutting plan announced by Chief Executive Officer Muhtar Kent failed to satisfy investors.
Sales fell to $11.98 billion in the quarter from $12 billion a year earlier, Atlanta-based Coca-Cola said today in a statement. Analysts had estimated $12.1 billion on average, according to data compiled by Bloomberg.