Coca-Cola Stock Options Pop After Earnings

Options volume is running at five times the intraday average

Deputy Editor
Feb 14, 2023 at 10:06 AM
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Coca-Cola Co (NYSE:KO) announced fourth-quarter revenue that beat Wall Street's expectations, with results helped by increased drink prices. Earnings, meanwhile, were in line with forecasts, and the company noted that the same higher prices that helped revenue results are hurting demand for its other products.

The stock is marginally higher following the results, last seen trading at $60.72. KO sports fractional year-to-date and year-over-year deficits, as well, with pressure at its 120-day moving average still hanging over head.

Options traders are blasting Coca-Cola stock in the options pits today. So far, more than 18,000 calls and 4,063 puts have crossed the tape, which is five times what is typically seen at this point. The most popular contract is the February 62 call, followed by the 61 call in the same monthly series, with positions being opened at the latter.

In other words, calls are unusually popular of late. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the stock's 50-day call/put volume ratio of 2.74 sits in the 90th percentile of its 12-month range. Echoing this, short-term options traders have been much more call-biased than usual. This is per Coca-Cola stock's Schaeffer's put/call open interest ratio (SOIR) of 0.67, which stands higher than just 8% of readings from the past year.

 

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