As reported earlier, Evercore ISI analyst Robert Ottenstein downgraded PepsiCo to In Line from Outperform. The analyst says that while the company's dividend increase is "important and positive", he no longer expects the company to outperform in the beverage sector amid an "array of issues" at North America Beverage segment limiting upside performance. Ottenstein also points to rising commodity prices and expectations of the company to increase marketing expenses in NAB if results do not materialize. potentially putting downward pressure on the second half of 2018 earnings.

Notable profits for the buyer who lifted the $0.43 offer for 1,999 PepsiCo (PEP) May-24 180 calls yesterday at 10:11ET when underlying shares were trading at $172.36. Shares closed at $177.41, and the calls at $1.65 for a mark-to-market profit of 285%, or $245K, on the $86K outlay.

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Unusual total active option classes on open include: ImmunityBio (IBRX), Halliburton (HAL), Redfin (RDFN), Nokia (NOK), Matterport (MTTR), General Motors (GM), UPS (UPS), Philip Morris (PM), PepsiCo (PEP), and General Electric (GE).