Coca Cola, Pepsi Get On Investor Radars Thanks To Weight Loss Drug Ozempic — Levi, Rivian And Tesla Trending As Well Today

U.S. stocks experienced a slight downturn towards the end of trading, with the Dow Jones falling around 10 points. The Dow descended by 0.03% to 33,119.57, while the NASDAQ and the S&P 500 both fell by 0.1% and, landed at 13,219.83 and 4,258.19 respectively.

These are the top stocks that gained the attention of retail traders and investors throughout the day:

The Coca-Cola Company KO saw a decline of 4.83%, closing at $52.38 after a turbulent day with highs of $54.95 and lows touching $52.24. The beverage giant’s stock was impacted by Walmart’s revelation of decreased shopping demand, attributed to the rise of appetite-suppressing medications like Ozempic and Wegovy. This, coupled with the recent strength in Treasury yields, exerted pressure on Coca-Cola's stock.

PepsiCo, Inc. PEP closed at $160.1, a 5.22% drop, with an intraday high of $168.81 and a low of $159.87. Similar to Coca-Cola, PepsiCo’s stock was affected by Walmart’s report of decreased shopping demand and the allure of rising Treasury yields drawing investors towards fixed-income investments.

Levi Strauss & Co. LEVI experienced a 1.64% drop, closing at $13.21, with the day’s trading seeing a high of $13.49 and a low of $13.09. The apparel company's stock dipped in the after-hours following its third-quarter earnings report, which, despite beating analyst consensus estimates, showed a decrease in earnings and sales compared to the previous year.

Rivian Automotive, Inc. RIVN plunged by 22.88%, closing at $18.27 after reaching an intraday high of $21.39 and a low of $18.01. The EV manufacturer faced a challenging day amidst its announcement of a green convertible senior notes offering. The notes, expected to accrue interest at a rate of 3.625% per annum, are set to mature on October 15, 2030, marking a significant development for the company’s financial structuring.

Tesla, Inc. TSLA closed at $259.98, a minor 0.45% decline, after reaching an intraday high of $263.6 and a low of $256.25. Despite the slight dip, the electric vehicle giant remains a compelling investment, as highlighted by analyst Gary Black. Anticipation surrounding the Cybertruck launch and other upcoming catalysts continues to generate investor interest.

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Posted In: EquitiesNewsMarketsMediaCoca Colaelectric vehiclesEVsLevi StraussLevi Strauss & Co.PepsiPepsi Co.RivianSODASoda MakersTesla
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