Kendall Jenner‘s Pepsi ad fiasco had exactly the opposite effect you’d think on Wall Street … while Kendall and the company were under attack, the stock went up, but the mea culpa was a disaster.
Check out the movement Wednesday from opening bell. There was a small dip, but then the stock went in a vertical direction right up until 1:20 PM ET when the ad was yanked. From there it was all downhill.
Now, even more counterintuitive news. You’d think Coke would benefit from the Pepsi scandal, but it actually did worse at the close. Coke closed down .26% and Pepsi closed down .12%.