UPDATE: NYC Judge Strikes Down Bloomberg Soda Ban One Day Ahead of Implementation (PEP) (KO)
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Price: $42.97 -0.28%
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Overall Analyst Rating:
BUY (= Flat)
Dividend Yield: 2.9%
Revenue Growth %: -0.5%
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(Updated - March 11, 2013 3:56 PM EDT)
Names like PepsiCo (NYSE: PEP) and Coca-Cola (NYSE: KO) are active Monday afternoon following headlines that a proposed soda ban in New York City might not go through as expected.
NYC Mayor Michael Bloomberg was looking to put the kibosh on sports venues, service stations, and other locales from selling extraordinarily large sugary drinks just one day before it was slated to go into effect.
New York Supreme Court Judge Milton Tingling commented that NYC is "enjoined and permanently restrained from implementing or enforcing the new regulations," according to the WSJ. "The simple reading of the rule leads to the earlier acknowledged uneven enforcement even within a particular city block, much less the city as a whole...the loopholes in this rule effectively defeat the state purpose of the rule," he continued.
Bloomberg has been outspoken with his health initiatives. He even wants more municipalities to undertake the ban along with a series of other health-related proposals. Bloomberg was recently quoted as saying that "obesity is a problem around the world. It’s getting to be as serious if not more so than smoking."
UPDATE - The NYC Mayor's Office posted a message on Twitter: "We plan to appeal the sugary drinks decision as soon as possible, and we are confident the measure will ultimately be upheld...We believe @nycHealthy has the legal authority and responsibility to tackle causes of the obesity epidemic, which kills 5,000 NYers a year."
Shares of Pepsi and Coca-Cola are trading lower.
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Names like PepsiCo (NYSE: PEP) and Coca-Cola (NYSE: KO) are active Monday afternoon following headlines that a proposed soda ban in New York City might not go through as expected.
NYC Mayor Michael Bloomberg was looking to put the kibosh on sports venues, service stations, and other locales from selling extraordinarily large sugary drinks just one day before it was slated to go into effect.
New York Supreme Court Judge Milton Tingling commented that NYC is "enjoined and permanently restrained from implementing or enforcing the new regulations," according to the WSJ. "The simple reading of the rule leads to the earlier acknowledged uneven enforcement even within a particular city block, much less the city as a whole...the loopholes in this rule effectively defeat the state purpose of the rule," he continued.
Bloomberg has been outspoken with his health initiatives. He even wants more municipalities to undertake the ban along with a series of other health-related proposals. Bloomberg was recently quoted as saying that "obesity is a problem around the world. It’s getting to be as serious if not more so than smoking."
UPDATE - The NYC Mayor's Office posted a message on Twitter: "We plan to appeal the sugary drinks decision as soon as possible, and we are confident the measure will ultimately be upheld...We believe @nycHealthy has the legal authority and responsibility to tackle causes of the obesity epidemic, which kills 5,000 NYers a year."
Shares of Pepsi and Coca-Cola are trading lower.
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