Shares of Coca-Cola (NYSE:KO) are down 0.4% to trade at $92.36, brushing off a third-quarter beat-and-raise as slowing demand in its North American business weighs heavy. The beverage giant posted earnings of 91 cents per share on revenue of $13.4 billion, topping estimates. Despite operating costs slowing North American demand, the company raised its full-year guidance, now expecting earnings growth of 11%.
The 10-day moving average could be moving in as a potential ceiling of resistance, while KO continues to fall from its Oct. 22 record-high of $95.37. The equity and is on track for a third-straight daily drop, but year to date remains up 32%.
Short sellers have been favoring Coca-Cola stock. Short interest is up 30.99% in the most recent reporting period, and it would take shorts sellers almost four days to cover the 53.16 million shares sold short, at KO's average pace of trading.
Options traders have also been favoring calls. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and Nasdaq OMX PHLX (PHLX), KO's 50-day call/put volume ratio of 1.79 ranks in the 97th percentile of its annual range.
