Top-Line Beat Sends Coca-Cola Stock Higher
Coca-Cola (KO) is eyeing its third-straight daily win after outperforming with its third-quarter results. Shares of Coca-Cola Co (NYSE:KO) are up 2.6% to trade at $70.25, after the company posted adjusted third-quarter earnings of 82 cents on $12.4 billion in revenue, both of which topped analyst expectations.
The beverage giant cited impressive demand for its zero-sugar drinks, helping overshadow declining unit volume. KO is heading for a third-straight win, extending a climb off late-September lows at $66.
The shares have also broken above resistance from their 80-day moving average, a trendline of resistance since June. Year-to-date, Coca-Cola stock has added 10%. Short-term options traders have been leaning 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 looking affordable too, and could get even cheaper in a post-earnings volatility crush.
No direct quote available in the text.
Author's summary: Coca-Cola stock rises after strong Q3 results.
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