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 expectations.
The strong demand for zero-sugar drinks helped offset declining unit volume, according to the beverage giant. This development extends the stock's climb from late-September lows at $66 and breaks above the 80-day moving average resistance trendline, which has been in place since June. Year-to-date, Coca-Cola stock has gained 10%.
Short-term options traders have shown optimism, with the Schaeffer's put/call open interest ratio (SOIR) standing at 0.47, in the 12th percentile of annual readings. Options are currently affordable and may become even cheaper in a post-earnings volatility crush.
Shares of Coca-Cola Co (NYSE:KO) are up 2.6% to trade at $70.25
Author's summary: Coca-Cola stock rises after strong Q3 results beat expectations.