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Coca-Cola to Spend More On Marketing; Analysts Cut Earnings Estimates.
Byline: Henry Unger
Feb. 21--Shares of Coca-Cola fell sharply Tuesday after the company told analysts it will spend $300 million to $500 million this year on new marketing campaigns in key locations.
As a result, analysts said, the company's underlying operating profit will be reduced, and they will be cutting their earnings estimates for this year.
"We are going to cut our estimate from $1.70 a share to $1.59," said analyst Bill Pecoriello of Sanford Bernstein.
That's considerably below the company's estimate of $1.67 to $1.80 per share.
Shortly after Coke told analysts about the marketing expenditure at a meeting in Naples, …
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