PepsiCo (PEP) is scheduled to release Q3 earnings on Thursday, October 8, before the bell. The latest close was reported on October 1 at $125.60, down 0.88% from the previous close. The stock has been on a downtrend since early September. The weakness has coincided with uncertainty about the potential for the North American business to improve while management is working to offset the effects of higher costs as well as a more cautious analyst backdrop.

PepsiCo has a solid global business, but domestic weakness is becoming more evident. Q2 results illustrated that international operations could help offset weakness in the U.S., but the stock needs evidence to believe that improving pricing, productivity and portfolio changes would help…