Coca-Cola Stock Rises After Strong Q3 Results
Coca-Cola (KO) is set to record its third consecutive daily gain after exceeding expectations with its third-quarter results. The company's shares are up 2.6% to $70.25, following the announcement of adjusted earnings of 82 cents and $12.4 billion in revenue, both of which surpassed analyst projections.
The beverage giant attributed its success to strong demand for its zero-sugar drinks, which helped offset declining unit volume. This positive trend extends a climb from late-September lows at $66, with the shares also breaking above resistance from their 80-day moving average, a trendline that had been in place since June.
- Year-to-date, Coca-Cola stock has added 10%.
- Short-term options traders have been optimistic, with the equity's Schaeffer's put/call open interest ratio (SOIR) of 0.47, ranking in the 12th percentile of annual readings.
Options are looking affordable and could become even cheaper in a post-earnings volatility crush.
Author's summary: Coca-Cola's stock rises after strong Q3 results.