Investing.com - Monster Beverage shares soared midday following quarterly results that beat on the top and bottom lines.
Monster (NASDAQ:MNST) stock climbed 10%, hitting a new 52-week high earlier in the day.
The company reported a profit of 43 cents per share after the bell Wednesday on sales of $924.23 million, topping analysts’ forecasts compiled by Investing.com.
Shares have been climbing since early January and were upgraded later that month by SunTrust to buy from hold.
SunTrust cited benefits from lower prices on ingredients and pricing power for energy drinks in the U.S.
Monster also authorized a new $500 million stock buyback plan.
Elsewhere in the sector, Gatorade owner PepsiCo (NASDAQ:PEP) rose 1.1%, Coca-Cola (NYSE:KO), which owns a large stake in Monster Beverage, rose 0.9%, while Keurig Dr Pepper (NYSE:KDP) fell 6%.