Coca-Cola Fears Possible Damage from Sponsoring Russian Olympics and 2 Other Dow Movers to Watch
The Coca-Cola C0. (NYSE:KO): Current price $39.20
The highly controversial new anti-gay law in Russia is leading to unwanted complications for overseas sponsors of the Sochi Olympic Games set for next year, which include Coca-Cola and McDonald’s. The prospect of protests at Sochi against the repressive laws (and presumably the sponsors) is leaving them with a queasy feeling regarding potential damage to their public images.
The law disallows the distribution of information to minors that “promotes” same-sex relationships. Major sponsors like Coca-Cola and McDonald’s are worried about the risk of high-profile protests at the Games, and that demonstrations like that could draw attention to them for the wrong reasons and ignite calls for a boycott of their products, such as the one of Florida orange juice back in the 1970s.
Exxon Mobil Corp. (NYSE:XOM): Current price $89.31
According to Magda Chambriard, the chief of Brazil’s oil regulator, BP Plc and BG Group did not register for the Libra field before Wednesday’s deadline. Chambriard told reporters in Rio de Janeiro Thursday that the number of participants was under half of the more than 40 companies expected by the regulator, and that at least a dozen firms registered. Exxon, BP, and BG did not bid due to “company-specific reasons,” but the three are still interested in a presence in Brazil, said Chambriard, without elaborating.
3M Co. (NYSE:MMM): Current price $121.85
Designed for power utilities and utility contractors, 3M announces the Cold Shrink QS4 Integrated Splice for the utility market. The new splice will be exhibited at the upcoming ICUEE show in Louisville, October 1 through 3. Built upon 3M’s field-proven QS-III Cold Shrink splice body, the new QS4 splice was specifically created to satisfy IEEE standards. New features include an integrated design that lowers parking space and simplifies installation, an easy-pulling, smooth-edged yellow core and a new, craft-friendly re-jacketing tube that eliminates additional core and the need for grease.
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