Coca-Cola Stock Scaling Dow After Revenue Beat

KO calls were popular in recent days

Near the top of the Dow today sits The Coca-Cola Co (NYSE:KO), up 1.9% to trade at $54.79. This comes after the beverage giant reported third-quarter adjusted earnings of 56 cents, on revenue of $9.5 billion, the latter of which topped the consensus estimate $9.4 billion. The company also upped its full-year guidance, citing increased demand for zero-sugar sodas.

Coca-Cola stock is cruising toward its best week since July 26. The shares had pulled back from their Sept. 4 record high of $55.92, butfound support at their 100-day moving average. Year-to-date, KO is now up 15.9%, right in line with the Dow's 2019 lead of 15.8%.

So far, no analysts have come forward with any bull notes. There is certainly room aboard the bullish bandwagon, considering eight out of the 14 in coverage rate the stock a tepid "hold." Plus, KO's consensus 12-month price target sits at $57.48, just above its current perch.

In the options pits, there's been a heavy preference toward calls. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the stock's 10-day call/put volume ratio of 2.83 ranks in the elevated 79th annual percentile, meaning calls have been bought to open over puts at a quicker-than-usual clip. Calls are popular already today, too, more than doubling the number of puts crossed so far, and already topping the daily average.