Coca-Cola Stock Rises After Strong Q3 Results
Coca-Cola (KO) is set for 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 forecasts.
The strong demand for zero-sugar drinks contributed to the positive results, offsetting the decline in unit volume. This upward trend extends the stock's climb from late-September lows at $66, with the shares breaking above the resistance level of their 80-day moving average, a trendline that has been in place since June.
Year-to-date, Coca-Cola stock has gained 10%. According to the Schaeffer's put/call open interest ratio (SOIR) of 0.47, which is in the 12th percentile of annual readings, short-term options traders have been optimistic about the stock.
Options are currently affordable and may become 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.