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Amid declining drink sales in North America, PepsiCo, Inc(NYSE:PEP) has shifted responsibility for its main Pepsi brand in the United States as it seeks to "reinvigorate" the brand's "leading-edge advertising."
The ad dollars for the brand will go from one of Omnicom Group's (NYSE:OMC) ad agencies, BBDO, to another one, TBWAChiatDay Los Angeles. Pepsi noted the move won't affect other accounts held by BBDO. Shares of PepsiCo up 42 cents, or 0.78 percent to $53.94.7 in late afternoon after a seesaw day in trading on the New York Stock Exchange. Omnicom's shares were down 26 cents, or 1 percent, to $25.14.
Pepsi's main non-alcoholic beverages rival, The Coca-Cola Company (NYSE:KO), fell 62 cents, or 1.4 percent, to $44.41. British competitor Cadbury plc (NYSE:CBY) was down 17 cents , or 0.5 percent to $31.10.
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