PepsiCo Shares Slide 2.37% to $135.40 on NYSE; US Court Agrees to Hear Pepsi ‘Mtn Dew Rise’ Case

New York, July 1: PepsiCo Inc (NYSE: PEP) shares closed at $135.40 on Tuesday, June 30, down $3.28, or 2.37%, from the previous session. The stock traded on volume of 14,148,301 shares, according to exchange data. 

The counter moved in a range of $134.94 to $139.14 during the session, with the closing price settling near the lower end of the day’s band. The decline extended a downward move that has been building through the final week of June. 

PepsiCo shares had traded near the $141 mark on June 23 and touched a weekly high close to $141.50 on June 24, before slipping through the following sessions. The stock recovered briefly on June 27 to near $140.50, but resumed its slide over the last two trading days of the week to end at $135.40 on June 30, marking one of the steeper weekly declines for the stock in recent months. 

A session-wise reading of the past week shows PepsiCo shares closed higher on three of the six trading days, June 23, June 24 and June 29, and lower on the remaining three, June 25, June 27 and June 30. Tuesday’s fall was the sharpest single-day move of the week, accounting for a large share of the overall weekly decline. 

The latest fall comes even as PepsiCo has not flagged any company-specific trigger for the move, with the decline tracking broader weakness seen across the stock over the past two weeks of trade. Investors will watch the counter’s next few sessions for signs of stabilisation after a week that erased a significant part of its recent gains. 

US Supreme Court to Hear Pepsi ‘Mtn Dew Rise’ Trademark Case 

The U.S. Supreme Court has agreed to hear an appeal by canned-coffee maker Rise Brewing seeking to hold PepsiCo liable for trademark infringement over the company’s energy drink “Mtn Dew Rise,” Reuters reported, citing court filings. 

According to the report, the apex court will review a lower court ruling that had rejected Rise’s claim that the product name caused confusion with its own coffee brand. The case is expected to be heard in the Supreme Court’s next term, beginning in October, Reuters said. 

PepsiCo launched Mtn Dew Rise, a fruit-flavoured energy drink aimed at morning consumers, in 2021. Stamford, Connecticut-based Rise Brewing sued the company later that year, alleging that PepsiCo was attempting to undercut a smaller rival by introducing a similarly named product, Reuters reported. 

A Manhattan federal judge had initially granted Rise a temporary block on PepsiCo’s use of the name, but the 2nd U.S. Circuit Court of Appeals overturned that order in 2022. The case was subsequently dismissed by the district court in 2023, a decision the appeals court upheld in 2024, according to the Reuters report. PepsiCo had renamed the drink “Mtn Dew Energy” following the initial ruling, before discontinuing the product altogether in 2024. 

Source

• https://www.nyse.com/quote/XNGS:PEP