Pepsi's second quarter earnings are anticipated to be released, with the company facing challenges such as tight consumer budgets and higher commodity costs. The beverage giant's performance is being compared to that of Coca-Cola, which has recently reported profits that surpassed estimates, although its sales fell short. Ahead of the earnings release, Pepsi's outlook appears cautious, while Coca-Cola has also made gains through a new partnership with a global travel chain, potentially at Pepsi's expense.