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According to Hoover's Online
, Coca-Cola Enterprises (CCE 18.03) is the world's top bottler and accounts for roughly three-fourths of the Coca-Cola (KO 44.60) sold in North America.
In today's session, CCE has declined nearly 15 percent on heavy volume after revealing that its first-quarter loss will likely be 19 to 21 cents per share because of slowing sales in North America. The Street previously forecast that the company would lose eight cents per share during the reporting period. Moreover, CCE officials said it may also fall short of annual profit estimates.
The shares were subsequently greeted with a downgrade this morning, as Goldman Sachs Group lowered its rating on the equity to a "market performer" from a perch on its "recommended" list.
Technically speaking, the stock has suffered a notable bear gap this morning, breaching its 10-month moving average along the way.