The new money flooding the market is being put to work in more "exciting" stocks. When market sentiment in high, defensive plays such as KO don't do as well as their more-risky peers. KO's dividend yield can easily be augmented by writing covered calls against your position....easy 5-6% return. Most buyers are looking for the next biotech or internet stock that will triple in value overnight. Look for KO to do well when the market becomes more bearish as investors will flock to equities such as this which are safe and offer higher yields than most investment grade bonds.