It DOES seem like the late 1970's all over again -- in many ways.  Here's one more:  Get ready for a return of the "Cola Wars".

Struggling to keep up with Coca Cola, Pepsi-Co had a bitter 2011 and experts are predicting an anemic 2012.

The company, though, has a tough road ahead. Indeed, PepsiCo CEO Indra Nooyi called 2012 "a transition year," which is a nice way of saying "Don't expect much." The company forecasts "mid-single-digit core constant currency net revenue growth" and "a decline in core constant currency EPS of approximately 5 percent from its fiscal 2011 core EPS of $4.40." Analysts forecast earnings this year of $4.55 per share on revenue of $68.32 billion.

Meanwhile, Pepsi's stock prices continue to lag on Wall Street as well.

Shares are up 2.6% over the past five years, dramatically underperforming Coca-Cola shares, which surged more than 40% during the same period. Wall Street is running out of patience with PepsiCo.

Insiders say that Pepsi is planning on resurrecting the "Cola War" campaign that they have used numerous times in the past.


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