PEP 是一项有价值的持仓，投资者可能继续持有，且板块轮动有望很快重新转向 PEP。
逐段跳播
我们来看一下百事公司的走势图。对她来说，这是极其艰难的一年。在昨天的交易时段中，股价跌至六年来的最低水平。我们有一些财务业绩。上一季度的数据看起来好于预期，但前瞻指引才是障碍所在，不过我们现在上涨了2.3%。所以，我们正在收复部分失地。
Let's focus on the PepsiCo chart. It was an extremely difficult year for her. Stocks hit their lowest level in six years during yesterday's session. We have some financial results.
The numbers looked better than expected in the last quarter, but forward guidance was the hurdle, yet we are now trading up 2.3%. So, we are recovering some of those losses.
很明显，国际业务似乎在弥补本地业务的疲软。看看百事的股价，在早盘交易中上涨约2.4%。
It is clear that international operations seem to be compensating for the weakness here locally. Look at Pepsi shares, which are trading up about 2.4% in early trading.
此前该公司第三季度在营收和利润方面交出了好于预期的表现，有机销售额增长3.1%，超出预期。正如我提到的，国际业务仍然是一个亮点，在拉丁美洲以及欧洲、中东和非洲地区都实现了强劲增长。此外，总体而言，其国际饮料业务表现更为强劲。
This comes after the company delivered a better-than-expected performance in the third quarter in terms of revenue and profit, with organic sales growing by 3.1%, exceeding estimates.
International operations, as I mentioned, remain a bright spot with strong growth in Latin America and the Europe, Middle East and Africa sectors. Also, in general, its international beverage business was stronger.
但投资者也在关注更为谨慎的预期。百事已将其全年核心固定汇率每股收益增长预期下调至仅1%至2%。这低于此前4%至6%的区间。
But investors are also focusing on more cautious expectations. Pepsi has lowered its full-year forecast for core constant currency earnings per share growth to just 1 to 2%. This is less than its previous range of between 4 and 6%.
管理层表示，正在紧急采取行动以改善北美地区的表现，该地区的零食和饮料业务继续面临注重性价比的消费者带来的压力。
The administration stated that it is moving urgently to improve performance in North America, where the snack and beverage sectors continue to face pressure from the value-conscious consumer.
该公司CEO对软饮料业务尤为坦率，他说：“我们对饮料业务并不满意，因为北美饮料销量自年初以来已下降3%。”
The company's CEO was particularly candid about the soft drink business, saying, "We are not happy with the beverage business as North American beverage sales volumes have declined by 3% since the beginning of the year."
百事计划加大对旗下品牌的投资，包括Pepsi、Mountain Dew和Poppy，同时确定额外的成本削减措施，为这些举措提供资金。
Pepsi plans to increase investments in its brands, including Pepsi, Mountain Dew and Poppy, while identifying additional cost reductions to help fund those efforts.
在华尔街，总体而言，Sam，分析师们表示本季度好于担忧，强劲的海外业务帮助抵消了北美地区慢于预期的好转。正如我提到的，也正如我之前所说，股价目前实时上涨约2.34%。
On Wall Street, and generally speaking, Sam, analysts said the quarter was better than feared, with strong overseas operations helping to offset a slower-than-expected turnaround in North America.
As I mentioned, and as I said previously, the stocks are now up by about 2.34% in real time.
我们至少到目前为止看到了积极的反应。但正如我们提到的，对百事股价来说，这是艰难的一年。你会如何处理这只股票的一笔典型交易？我的意思是，就在昨天它还跌到低至60的水平。
Well, we are seeing a positive reaction at least so far. But as we mentioned, it's been a tough year for Pepsi stock. How would you handle a typical trading deal for this stock?
I mean, trading at low levels as low as 60 just yesterday.
是的，在低位交易。我认为，你知道，这是一只有价值的股票，人们现在可能在关注市场的其他部分。当然，它有轮动，而且近期或许存在发生轮动的可能性。
Yes, trading at low levels. I think you know, it's a valuable stock and people are probably looking at other parts of the market right now. It has its rotation, of course, and there is perhaps some possibility of a rotation occurring in the near future.
我认为许多人会继续想要持有这只股票。如果我自己要开始一笔新的交易，比如说，我想我会考虑卖出一份看跌期权。我会看11月，看一份行权价120的看跌期权。我会看一份现金担保的看跌期权。
以1.60美元卖出120的看跌期权。这样每100股我能净得160美元，一个多月大约能获得1.3%的回报，如果我每个月都这么做，相当于年化回报11%。所以，这是我完全不介意的事情。
I think many people will continue to want to hold onto this stock. If I were to start a new trading deal for myself, for example, I think I would look into selling a put option.
I'm going to go to November and look at a put option at 120. I'm going to look at a cash-covered put option. Sell the put option at 120 for $1.60. That would give me a net of $160 per 100 shares, and that would be a return of approximately 1.3% for a little over a month, which is equivalent to an annual return of 11% if I did that every month. So, this is something I wouldn't mind at all.
当然，这意味着如果价格再次跌破120，我就有义务买入。
Of course, this means I'm committed to buying it if the price drops below 120 again.
这个频道对 $PEP 的历次判断
Schwab Network 在这只股票上只有这一条判断。