the stock was last standing as the market takes what looks like a punch.
Coca-Cola stock rose 0.04% to $61.44 at 11:12 a.m., even as the
fell 3.7% and the
Dow Jones Industrial Average
was down 2.8%. With the market as weak as it is, the stock will likely be lower by the time you read this.
Coca-Cola was one of the toughest companies in the market during its liquidation this year, rising 3.7% in its shares in 2022. As a consumer base and a beneficiary of the Covid reopening, Coke seems to offer investors the best of both worlds. It also helps that Coca-Cola issued an upbeat outlook when it reported results in April, helping the company stand out in this tough market.
But with everything collapsing, it will be difficult for Coca-Cola to hold onto its gains, both today and for the year. Still, BofA analyst Bryan Spillane reiterated Coca-Cola stock as his top pick in the Coke system, which includes bottlers. “The Coca-Cola Company emerged from the pandemic with strong profitability and cash generation,” he wrote.
Coca-Cola was also a pick in The Trader column on June 9.
Write to Ben Levisohn at [email protected]