Dow's decline despite bullish breadth is Coca-Cola's fault

The Dow Jones Industrial Average is down 23 points, even though 18 of 30 components are trading higher, and despite bullish broader market breadth data, because of the sharp price drop in Coca-Cola Inc.'s stock. The beverage giant's stock tumbled 7.7% in afternoon trade after the company's fourth-quarter report. That would be the biggest one-day percentage decline since it dropped 8.7% on Oct. 9, 2008, in the midst of the financial crisis. The stock's price decline of $3.81 was shaving about 26 points off the Dow's price. Meanwhile, the number of advancing stocks was outnumbering decliners 1,674 to 1,166 on the NYSE and 1,656 to 1,147 on the Nasdaq, while the volume of advancing stocks represented 56.6% of total volume on the Big Board and 66.4% of volume o the Nasdaq.

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