Coca-Cola's (KO) old-line board has finally woken up to the realities of the U.S. carbonated soft drink business. American beverage preferences are shifting toward non-carbonated healthier alternatives. PepsiCo (NYSE: PEP) long ago moved heavily into non-carbonated drinks. Coke stubbornly resisted a shift to non-carbonated alternatives and is now playing catch-up to Pepsi's market leading position. Coke's recent acquisition of Glaceau, maker of VitaminWater, is a step toward improving results. A reinvigorated U.S. business and strong growth internationally are driving Coke shares higher.