Coca-Cola Stock Rises After Strong Q3 Results
Coca-Cola (KO) is set to achieve its third consecutive daily win after exceeding expectations with its third-quarter results. The company's shares are up! 2.6% to $70.25, following the announcement of adjusted third-quarter earnings of 82 cents on $12.4 billion in revenue, both surpassing analyst expectations.
The strong demand for zero-sugar drinks helped offset declining unit volume. The stock is extending its climb from late-September lows at $66 and has broken above the resistance from its 80-day moving average, a trendline of resistance since June. Year-to-date, Coca-Cola stock has added 10%.
Short-term options traders are optimistic, as indicated by 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 may become even cheaper in a post-earnings volatility crush.
Coca-Cola cited impressive demand for its zero-sugar drinks, helping overshadow declining unit volume.
- Adjusted third-quarter earnings: 82 cents
- Revenue: $12.4 billion
- Year-to-date stock increase: 10%
- Schaeffer's put/call open interest ratio (SOIR): 0.47
Author's summary: Coca-Cola stock rises after strong Q3 results.