Coca-Cola Stock Rises After Strong Q3 Results
Coca-Cola (KO) is set for its third consecutive daily gain, with shares up 2.6% to $70.25, following the release of its third-quarter results.
The company reported adjusted earnings of 82 cents and revenue of $12.4 billion, both exceeding analyst expectations. Strong demand for zero-sugar drinks helped offset declining unit volume.
The stock is extending its climb from late-September lows of $66 and has broken above its 80-day moving average, a resistance level since June. Year-to-date, Coca-Cola stock has gained 10%.
Short-term options traders are optimistic, with a Schaeffer's put/call open interest ratio (SOIR) of 0.47, ranking in the 12th percentile of annual readings. Options prices are relatively affordable and may decrease further in a post-earnings volatility crush.
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Author's summary: Coca-Cola stock rises after strong Q3 results.
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