Coca-Cola Stock Rises After Strong Q3 Results
Coca-Cola (KO) is set to achieve its third consecutive daily gain following the release of its third-quarter results, which exceeded expectations.
The company reported adjusted earnings of 82 cents per share and $12.4 billion in revenue, surpassing analyst forecasts. Strong demand for zero-sugar drinks contributed to the positive performance, offsetting a decline in unit volume.
Shares of Coca-Cola are currently trading at $70.25, up 2.6%, and have broken above the 80-day moving average resistance trendline. The stock has gained 10% year-to-date.
Short-term options traders are optimistic, with a Schaeffer's put/call open interest ratio (SOIR) of 0.47, indicating a bullish stance. 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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