Sales of top full-sized pickups — the Ford F-150, Dodge Ram and Chevy Silverado — slumped, falling 10%, 15%, and 10% respectively — in the first quarter of 2024 compared to the last quarter of 2023. High prices and costly interest rates on auto loans appear to be taking a toll.
The decline prompts a question: Has the relentless American appetite for large trucks finally hit a wall? Bloomberg notes that smaller and mid-sized pickups appear to be taking market share.
Shares of Monster Beverage climbed 5% after the bell on Thursday, and held most of those gains into early trading on Friday, following strong Q3 results.
The energy drink giant topped market expectations, with quarterly sales up 17% year over year to $2.2 billion and adjusted net profits growing 41% to $524.5 million — 11% ahead of Wall Street’s estimates. In the report, Monster highlighted its zero-sugar line and new product launches, with a stack of novel flavors already released this year, as bright spots.
During a call with analysts, Chief Executive Hilton Schlosberg said that the global energy drink category “remains healthy with robust growth,” The Wall Street Journal reported, adding that demand for more affordable caffeinated drinks is rising as coffee has become “really expensive.”
Meanwhile, rival beverage business Celsius saw shares fall as much as 23% on its Q3 results yesterday — despite beating expectations, with revenue jumping 173% — largely due to concerns about a change in the company’s distribution channel, as its newly acquired Alani Nu brand joins the PepsiCo distribution network.
The latest deal the administration has reached with Big Pharma is perhaps the one that would impact the highest number of Americans.
Meanwhile, Novo Nordisk and Pfizer are in an escalating bid-off for obesity biotech Metsera.
