Cola companies are gradually reshuffling their portfolio toward healthier options to counter the tepid sales and volumes environment. Given this backdrop, let's try to determine how these players – The Hershey Company ( HSY - Free Report ) and The Coca-Cola Company ( KO - Free Report ) – are placed ahead of their second-quarter earnings releases before the opening bell on Jul 26. Hershey, the largest North American manufacturer of quality chocolate and confectionery products, reported a positive 3.97% earnings surprise in the last quarter.