Was there significant margin expansion? If they expanded margins enough they could pull that off. If margins were flat to down, something could be amiss.
Today's pop had to be part of people looking to buy things are not levered to China, but spread out among global consumers. I have no other idea why they would be up this much since they technically missed on the quarter because those headline excluded numbers are actually numbers that hit the bottom line, and their numbers are down from 1 year ago. They cam in soft on both counts.
Sector rotation? Not sure what else to make of this.
Its beyond the quarterly numbers. All of these factors seem to drive the stock price more than the earnings for one quarter. Plus two less selling dates than last year. Margins did increase. Worldwide case volume also was up vs last quarter. Earnings and sales beat analyst estimates for this quarter. The faster than expected granting of new expanded U.S. territories to five of its bottling companies did not hurt.
It's an S&P500 stock. Anal-ysts MUST low ball estimates for all S&P 500 stocks. Look at the dropped estimates for next quarter. They have always low-balled for at least 1 decade. That's always been the name of the game.