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Daily Market Analysis from Hotforex Broker
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[QUOTE="HFM, post: 189342, member: 32345"] [B]Date : 23rd December 2020. Coca-Cola cuts staff.[/B] [IMG alt="[IMG]"]https://analysis.hotforex.com/wp-content/uploads/2020/12/bottles_1200x628-1-696x364.png[/IMG] The decline in sales due to the coronavirus outbreak and the operations that some governments have applied to many local restaurants and entertainment venues that operate at a significantly reduced capacity, have led Coca-Cola to consider the idea of [B]eliminating 2,200 positions[/B] of work in all the headquarters that the company has around the world. At the end of last year, there were around 10,400 employees in the United States, of which another [B]1,200 were cut,[/B] representing approximately [B]12%[/B] of the workforce cuts, while in Atlanta where the company is based, 500 jobs will be eliminated. The company had announced this plan during the summer, when it also announced that it would offer acquisitions to [B]4,000 workers in the United States, Canada and Puerto Rico.[/B] For the third quarter, the company’s revenues decreased 9% to $ 8.7 billion, while in the session on Tuesday, December 15,[B] Coca-Cola shares rose 1.77%[/B] with a value of $54, $22, at the last close the company was $ [B]57.27[/B] , 20.90% below its 52-week high of $ 60.13. Sales reflected an increase of -4.5%, where the company’s growth estimates for the current quarter and the next are -6.8% and -2%respectively, and the year-on-year growth of quarterly revenues decreased by 9% to [B]33.47B.[/B] The company could continue to experience consequences in the long term because the coronavirus pandemic may leave some side effects, such as people increasingly turning away from sugary drinks. However, when the pandemic ceases and people can feel freer to leave their homes, the consumption of beverages in restaurants may increase; in any case, [B]Coca-Cola[/B] continues to be the leader in the non-alcoholic beverages market, therefore it can be expected that during the next few years its annual growth rate could be [B]6.8%.[/B] Pending its next earnings report, [B]Coca-Cola is projected to report earnings of $ 0.41 per share[/B], representing a[B] 6.82% year-on-year decrease[/B], which could lead to its consensus estimate calling for quarterly revenue of[B] $ 8.69 billion[/B], less than in the prior year period, while [B]full-year earnings[/B] estimates could be $ 1.88 per share, with revenue of approximately[B] $ 33.06 billion[/B]. Currently, the price of Coca-Cola follows [B]an ascending channel[/B] although it presents a [B]double top [/B]with failure of highs at its level of [B]54.00[/B] very close to Fibo 78.6% at 54.79, the price could approach the Fibo level 38.2% at [B]51.80[/B] to break this support, maybe pull back to it and continue to the lower supports in the 80-period SMA that is only slightly above the 61.8% Fibo level at [B]50.82,[/B] coinciding with the bullish guideline of the channel. Breaking these supports would end up closing the gap at the [B]61.8%[/B] Fibo level coinciding with the psychological level at [B]50.08.[/B] [IMG alt="[IMG]"]https://analysis.hotforex.com/wp-content/uploads/2020/12/COKEDAYLY23.jpg[/IMG] [B]Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report.[/B] Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. [B]Aldo Weidner Zapien, Market Analyst HF Office of Education – Mexico Disclaimer:[/B] This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission. [/QUOTE]
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