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, driven by 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 performance, offsetting the decline in unit volume. This upward trend extends the stock's climb from late-September lows at $66, with the shares now 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's stock has gained 10%. According to the Schaeffer's put/call open interest ratio (SOIR) of 0.47, which falls in the 12th percentile of annual readings, short-term options traders have been adopting an optimistic stance.
Options are looking affordable and could become even cheaper in a post-earnings volatility crush.
The company's performance has been impressive, with the stock poised for further growth.
Author's summary: Coca-Cola's stock rises after strong Q3 results.