Dow Jones Surges 400 Points as Coca-Cola Warns on Pandemic Aftermath, Intel's AMD Killer Falls Short
Strong earnings reports from retailers Target and Lowe's helped power the stock market higher on Wednesday morning. The Dow Jones Industrial Average (DJINDICES: ^DJI) was up 1.8% at 11:30 a.m. EDT.
Shares of beverage giant Coca-Cola (NYSE: KO) and chip giant Intel (NASDAQ: INTC) surged on Wednesday, despite negative news for both companies. Coca-Cola's CEO warned in an interview about weak sales volume in May and a painful recovery from the pandemic, and Intel's latest high-end gaming CPU was met with mixed reviews.
Coca-Cola depends on the restaurant industry and other away-from-home channels for roughly half of its revenue. With U.S. restaurants still largely operating without dine-in service, the century-old beverage company is taking it on the chin.
Source Fool.com
