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Here are Tuesday’s top stories:
J.C. Penney Company (NYSE:JCP) gets taken off Citigroup’s Top Picks Live list, as the analyst sharply cuts its price target from $40 to $24. A major criticism is that the historic retailer’s ‘transformation’ entails new product lines that are not in sync with the all important back-to-school crowd.
Don’t Miss: Yum Brands Second Quarter Earnings Sneak Peek.
PepsiCo Inc. (NYSE:PEP) is introducing a new malt-flavored version of Mountain Dew that will be called Johnson City Gold at selected Kroger Co. (NYSE:KR) and 7-Eleven stores this summer in the U.S. The drink will be priced at $1.49 for a 16-ounce container and will be geared towards taking market share away from a similar beverage sold by Monster Beverage Corporation (NASDAQ:MNST).
It just won’t do. Starbucks’ (NASDAQ:SBUX) newly implemented changes, such as fewer cushy chairs and restricted laptop use, aimed at keeping traffic moving at a faster clip, are annoying customers in New York City, according to Slate. Several new mini-chains are taking away SBUX’ market share in the City, as its new lack of ambience sinks in.
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