Benzinga - Benzinga takes a look back at a notable market-related moment that occurred on this date.
What Happened? On this day in 1886, the first Coca-Cola was sold.
Where The Market Was The Dow Jones Industrial Average and the S&P 500 index were nowhere to be found in 1886.
What Else Was Going On In The World? In 1886, Robert Louis Stevenson published the “Strange Case of Dr. Jekyll and Mr. Hyde.” German Karl Benz patented the “Benz Patent Motorwagen,” the world’s first combustion automobile. A dozen eggs cost 40 cents.
Coke Is Born Pharmacist John Pemberton sold the first ever bottle of Coca-Cola as a medicine back in 1886. Pemberton initially charged 5 cents per glass for his carbonated concoction. Asa Candler purchased the Coca-Cola formula and brand in 1889 and founded The Coca-Cola Co (NYSE: KO) in 1902.
In 1919, a team of businessmen led by Ernest Woodruff purchased Coca-Cola for $25 million. Later that year, Coca-Cola went public at a price of $40 per share. A single share of Coca-Cola stock purchased at the IPO price in 1919 and held with dividends reinvested would have produced an average annual return of 10.7% and would have been worth $9.8 million as of 2012.
Today, Coca-Cola has grown to a market cap of $276 billion.
Related Links:
This Day In Market History: Germany Unconditionally Surrenders
A Beverage Pair Trade From Goldman Sachs: Buy Coca-Cola, Sell Pepsi
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