Will Monster Beverage diversify into hard seltzers? The question has swirled since mid-2019, when CEO Rodney Sachs told investors he would consider an entry into the category. The next best chance for an answer to the question comes Thursday, when Monster executives host an annual business update webcast for investors. And there is fresh evidence ...

Late last month, Coca-Cola went all in on the fast-growing US hard seltzer category, signing up Molson Coors Beverage to manufacture, market, and distribute Coke’s new Topo Chico hard Seltzer. Meanwhile, PepsiCo’s executives indicated they may remain on the sidelines, at least for the foreseeable future.

With Coca-Cola’s move into the hard seltzer category, and the possibility of an entry from Monster Beverage, analysts on PepsiCo’s earnings conference call this morning were naturally inquisitive about...