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. Shares of Coca-Cola Co (NYSE:KO) have increased by 2.6% to $70.25, following the company's adjusted third-quarter earnings of 82 cents on $12.4 billion in revenue, both of which surpassed analyst expectations.
The company's strong performance was driven by impressive demand for its zero-sugar drinks, which helped offset declining unit volume. Coca-Cola stock is extending its climb from late-September lows at $66 and has broken above resistance from its 80-day moving average, a trendline of resistance since June. Year-to-date, the 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, which stands in the 12th percentile of annual readings. Options are currently affordable and could become even cheaper in a post-earnings volatility crush.
Adjusted third-quarter earnings of 82 cents on $12.4 billion in revenue, both of which topped analyst expectations.
- Shares of Coca-Cola Co (NYSE:KO) are up 2.6% to trade at $70.25.
- Year-to-date, Coca-Cola stock has added 10%.
- Short-term options traders have been leaning optimistic, with a Schaeffer's put/call open interest ratio (SOIR) of 0.47.
Author's summary: Coca-Cola stock rises after strong Q3 results.