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Missing cases: Analysts took a dim view of a projection by Coca-Cola Co. that it expects first-quarter unit case sales to drop in every market except North America. Goldman Sachs dropped Coke from its recommended list, and Morgan Stanley Dean Witter analysts Andrew Conway and Christopher O’Donnell and Lehman Brothers analyst Mike Branca cut their estimates for Coke’s earnings per share in 1999 and 2000. Branca kept his “outperform” rating on the stock but said in a report, “We remain reluctant to take a more positive stand on the stock, reflecting our expectations of well-below-trend volume and earnings-per-share growth.”
