UPDATE: PepsiCo Posts Upbeat Q3 Profit

PepsiCo PEP reported a 4.9% drop in its third-quarter earnings. PepsiCo's quarterly profit fell to $1.9 billion, or $1.21 per share, from $2 billion, or $1.25 per share, in the year-ago period. Excluding one-time items, PepsiCo's core earnings came in at $1.20 per share. Its revenue fell 5.3% to $16.7 billion. However, analysts were expecting earnings of $1.16 per share on revenue of $16.9 billion. PepsiCo's operating margin rose to 16.8% from 16.5%. PepsiCo shares closed at $70.30 yesterday.