Coca-Cola (NYSE: KO) shares weighed on consumer goods exchange traded funds (ETFs) on Tuesday after the company reported quarterly results that disappointed Wall Street.
“The quarter didn’t have the ‘Coke Side of Life’ feeling,” said analysts at Wall Street Strategies in a research note.
“The results came in slightly below expectations as volume growth overseas was offset by higher commodity costs and a significantly lower operating margin in North America,” they added.
The stock was down more than 1%.
Coca-Cola is a large holding in consumer-sector ETFs such as Consumer Staples Select Sector SPDR Fund (NYSEArca: XLP), Vanguard Consumer Staples ETF (NYSEArca: VDC) and iShares Dow Jones U.S. Consumer Goods Sector Index Fund (NYSEArca: IYK).
Consumer Staples Select Sector SPDR Fund
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