Big cola stocks did just fine on a day the New York City Board of Health ruled that it should keep people from buying sodas and other sugary drinks it deems are too big to be purchased and consumed.
Dr. Pepper Snapple (DPS) was up 2% to $45.40, and PepsiCo (PEP) gained 1.2% to $70.88. Coca-Cola (KO) rose 2.1% to $38.35.
The ban, strongly supported by New York Mayor Mike Bloomberg, who has made public health a key issue of his three-term administration, was approved by the city health board Thursday. The vote was 8-0 in favor of the size restriction, with one member abstaining. The ban, if enforced, would cover sweet drinks of more than 16 ounces in many places other than grocery stores or convenience marts.
While the mayor clearly was pleased with the passage, it should be noted that plenty of folks think the ban is too intrusive.
"It's sad that the board wants to limit our choices," Liz Berman, chairwoman of New Yorkers for Beverage Choices, said in a statement to Reuters. "We are smart enough to make our own decisions about what to eat and drink."
Also worth pointing out is that it was a strong day overall for the market, as stocks climbed after the Federal Reserve announced more intervention in the bond market. On the New York Stock Exchange, 77% of stocks were higher, and on the Nasdaq, 69% of the issues were up.
How about you? Do you support the big-soda ban, or should you be able to buy drinks of whatever size you want? Weigh in below.
- Investment & Company Information