Call Traders Blast Coca-Cola Stock on Beat-and-Raise

KO is eyeing its biggest single-day percentage pop since November

Digital Content Manager
Oct 24, 2023 at 10:48 AM
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Coca-Cola Co (NYSE:KO) stock is up 3.2% to trade at $55.81 at last check, after besting top- and bottom-line expectations for the third quarter. The beverage giant raised its annual sales and profit outlook as well, with demand for its products staying strong despite higher prices. 

The security could today conquer its 30-day moving average, which has kept a tight lid on price action since early August. Shares are bouncing off an Oct. 6, two-year low of $51.55, and today pacing for their biggest single-day percentage win since November, though they still carry a 12.9% year-to-date deficit.

Overall options volume is already running at double the intraday average, with 37,000 calls and 8,145 puts traded. Most popular is the 10/27 56-strike call, with contracts expiring later this week.

Options traders have been overwhelmingly bullish in the last two weeks, per Coca-Cola stock's 10-day put/call volume ratio of 5.30 over at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which ranks higher than 96% of annual readings.

It's also worth noting KO's Schaeffer's Volatility Scorecard (SVS) sits at a high 89 out of 100. This means the equity exceeded option traders' volatility expectations during the past 12 months. 

 

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