10:00 EDT - Saying North America beverage volume didn't improve as much as hoped last quarter after a dour 1H, JPMorgan trims estimates on soda makers, most notably small player Cott(COT) . The investment bank says private-label sales trends "have worsened" from 2Q while they improved sequentially for branded offerings. Still, JPMorgan is "slightly more concerned" about the broad relationship between soda prices and volume as the latter is "still declining despite much-weaker pricing." So perhaps the industry can't discount its way back into consumers' lives. While COT is down 0.7%, Coke (KO), Pepsi (PEP) and Dr Pepper (DPS) fall at least 1%.