New Coke made with cane sugar is coming after Trump post
The announcement came less than a week after President Donald Trump said in a Truth Social post that the company agreed to use cane sugar in Coke beverages sold in the US.
Coca-Cola also posted on Tuesday second-quarter sales growth and profit that beat Wall Street expectations as consumers continue to pay higher prices for the company's soft drinks.
The shares were little changed in early New York trading. The stock has advanced 13% so far this year, outpacing the S&P 500 Index.
For decades, Coca-Cola has used high fructose corn syrup, which is cheaper than cane sugar, to sweeten its signature product in the US. However, a pricier version of the soft drink that's sweetened with cane sugar and imported into the US from Mexico has gained a cult following.
Prior to the earnings release, CFRA analyst Arun Sundaram wrote that it's 'highly unlikely' that Coca-Cola would fully eliminate corn syrup from its lineup, adding that 'a more plausible outcome is the introduction of a new product line made with cane sugar, which would likely carry a higher cost and retail price.'
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