On Wednesday's Market Foolery, host Chris Hill and Bill Barker, an analyst from Motley Fool Funds, look at the reports of soda company PepsiCo (NASDAQ:PEP).

Second-quarter profits for PepsiCo fell 2%, but Chris adds that they were still better than expected. Soda volumes for the company were down 2%, but snack volumes rose 2.5% and the company raised guidance. Additionally, shares of the stock edged up at least 3% today. Chris thinks that the soda company's latest reports look similar to Coca-Cola's. Bill agrees and sees a general trend toward both being and eat healthier, and, sadly, avoiding sodas. Looking at the soda decline, Chris notes that soda is still selling in massive amounts, just not as much in America. Chris asks Bill where he thinks PepsiCo is in the snack sector, as he's heard some lean toward a spin-off. Bill points to diversification with having soda and snack businesses, yet he remembers PepsiCo spinning off Yum! Brands and the success with that. Watch the video below to learn more.