Shares of Pepsi Bottling Group have jumped about 3% higher today, tagging a new all-time high in the process. Investors are cheering after the company reported third-quarter profit of $260 million, or $1.12 per share. Excluding charges, the company would have earned 99 cents a share, besting the Street's estimate of 89 cents per share. Quarterly sales rose 8% to $3.7 billion as the company's worldwide physical case volume grew 1%.
Technically, the shares have rallied more than 18% along the support of their 10-day and 20-day moving averages since bottoming in mid-August. There is a bit of overhead resistance in the 39 region, but the stock could be due for some consolidation following its recent run higher.
Meanwhile, sentiment is largely bullish toward PBG. The stock's Schaeffer's put/call open interest ratio (SOIR) of 0.19 ranks below 87% of all those taken during the past year, indicating a near bullish extreme among the speculative crowd. However, there is room for upgrades on Wall Street, as Zacks reports that 5 of the 11 analysts following PBG rate the shares a hold.