KO makes much of it’s money from selling it’s sodas to restaurants, amusement parks, sports/concert venues, movie theaters, vending machines, airports/airlines, cruises, etc.
With the stay in place orders, forced restaurant/venues closures, and lowered foot traffic out there less people are going to be buying sodas and other coca cola products. So not really all that surprising that CocaCola and companies that sell to food establishments are going to be getting their stocks hammered. I still think they will be going down a little more but even at this price I think I’m going to go ahead and pick up some $KO and hold on to it for a long time.
This is the same basic reason why Pepsi ($PEP), Sysco ($SYY), and lots of restaurant (starbucks $SBUX, mcdonalds $MCD, YUM Brands $YUM, etc.) and supplier stocks are getting hammered.