Coca-Cola Stock Is Trading Higher Tuesday: What's Going On?

Coca-Cola Co KO shares are trading higher Tuesday. The stock appears to be getting a lift from better-than-expected earnings from PepsiCo Inc PEP.

What To Know: Coca-Cola stock has faced selling pressure in recent sessions after Walmart Inc WMT suggested weight loss drugs like Ozempic and Wegovy may be impacting food and snack sales.

Tuesday morning, PepsiCo reported adjusted earnings of $2.25 per share, which beat estimates of $2.15 per share. The company reported quarterly sales of $23.45 billion, which also beat estimates of $23.43 billion. 

Management told investors on the call that the company is not seeing any impact on numbers from weight loss drugs. 

PepsiCo also raised its full-year earnings growth outlook from 12% to 13%. The company now anticipates full-year earnings of $7.47 to $7.54 per share versus estimates of $7.49 per share. PepsiCo continues to expect full-year organic revenue growth of 10%. 

Coca-Cola is due to report third-quarter earnings before the market opens on Oct. 24. Analysts are looking for earnings of 70 cents per share and revenue of $11.47 billion, according to estimates from Benzinga Pro.

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KO Price Action: Coca-Cola shares were up 1.83% at $53.85 at the time of writing, per Benzinga Pro.

Photo: Ernesto Rodriguez from Pixabay.