In the wide-open race for California governor, billionaire Tom Steyer is on a spending binge. The hedge fund manager-turned-liberal activist is using his personal fortune to saturate TV screens and mobile phones with advertising. His competitors accuse him of trying to use his vast wealth to buy the state’s most powerful job. Steyer’s ads appear inescapable at times in heavily Democratic Los Angeles. Data compiled by advertising tracker AdImpact show Steyer has spent or booked over $115 million in ads for broadcast TV, cable and radio — nearly 30 times the amount of his nearest Democratic rival.

PepsiCo's decision to lower prices and cut artificial ingredients paid off in the first quarter, boosting demand for its snacks and drinks.