NEW YORK (TheStreet) -- Shares of Coca-Cola Enterprises (CCE) are climbing by 1% to $39.20 on Wednesday morning, after the Atlanta-based beverage giant rolled out its patriotic "I'm proud to be an American" limited edition cans yesterday, Fox News reports.
The red, white and blue cans, honoring U.S. military men and women, may be contributing to the price spike in Coca-Cola shares, which slid yesterday after its merger with Coca-Cola Iberian Partners and Coca-Cola Erfrischungsgetränke GmbH, forming Coca-Cola European Partners, was completed. Coca-Cola European trades under Coca-Cola Enterprises.
First announced in October, Coca-Cola Enterprises shareholders received a one-time payment of $14.50 per share as a result of the merger. The shareholders of the former beverage company now own 48% of the new company.
The patriotic cans will be available through July 4 as they represent the company's 75-year partnership with the United Service Organizations. The initiative also comes as part of the companies' joint "Campaign to Connect," which asks Americans to send one million messages of support to members of the armed forces, Fox says.
The "I'm proud to be an American" lyric and patriotic design will be on 16-ounce cans and 12-ounce cans that come in 20, 24 and 35-packs.
Separately, TheStreet Ratings rated Coca-Cola Enterprises as a "buy" with a score of B.
This is driven by multiple strengths, which TheStreet Ratings believes should have a greater impact than any weaknesses. The company's strengths can be seen in multiple areas, such as its expanding profit margins, solid stock price performance and notable return on equity. TheStreet Ratings feels its strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated.
You can view the full analysis from the report here: CCE
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.