All soda pop companies are not created equal. That's clear from the dramatically different third-quarter results for Coca-Cola and PepsiCo. Coke reported a 16% jump in net income, to $456 million, on a 14% rise in revenues, to $3.2 billion. Pepsi, on the other hand, posted a 15% decline, to $285 million, on a 9% revenue increase, to $4.9 billion.

Granted, Pepsi took an aftertax charge of $62.4 million for the restructuring of Frito-Lay, the company's troubled snack food division, and heavy discounting drove Pepsi's domestic snack food operating earnings down 3%. But growth at Taco Bell, the company's fast-food chain, has also slowed, and Pepsi, like Coke, has seen a falloff in domestic soda sales. Coke, though, is still posting strong growth overseas, notably in France and Germany.

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