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Coca-Cola’s stock is currently trading at 44.42-lower by 4.52% as compared to the previous closing price. In the pre-market trading session, the stock was trading lower by 0.92%. The stock has continued falling after the opening bell.
The beverage giant reported its first-quarter earnings before the market opens on Tuesday. Coca Cola generated an adjusted EPS of 51 cents for the first quarter. The EPS was above the market expectation of 44 cents. The company brought in $8.60 billion in revenue for the first quarter. The revenue was also above the consensus estimates of $8.37 billion.
The beverage giant said that the closure of restaurants and theaters from the virus is affecting its business, with a significant impact expected on its current-quarter earnings. Coca-Cola also said that its global volumes have fallen by 25% since the current month. The beverage giant said its full-year financial results cannot be estimated this time due to the uncertainty around the virus pandemic. Stocks of Coca-Cola have fallen about 16% Year-to-date.
On the technical front, the current price is below the MA5. The current price is below the middle line of the Bollinger Bands and is heading downwards. The RSI is currently at 43.72% and suggests that the market can move in the downward direction.
Overall Bias is Negative and short-term trades can be initiated with tight Stop Loss and Profit target.
TRADE SUGGESTION- LIMIT SELL AT 45.00 TAKE PROFIT AT 44.10 STOP LOSS AT 45.40