Coca-Cola Co. investors are paying more for protection against stock declines than ever before, increasing options bets against the world’s largest soft-drink maker after it rallied to the highest price since 1999.
Coca-Cola’s skew, which measures how much puts cost relative to calls, climbed to a record on July 1, according to data compiled by Bloomberg. The Atlanta-based soda maker rose 37 percent from its July 2010 low through last week’s peak of $68.75, beating the 25 percent advance for Standard & Poor’s 500 Index companies that sell necessities to consumers, and a 15 percent increase for PepsiCo Inc., its biggest rival.
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