Shares of Corona-based Monster Beverage Corp. rose nearly 15% in early trading before falling back after Coca-Cola Co. denied reports it was interested in an acquisition.
Monster, which markets and distributes energy drinks, juices and other drink alternatives, saw its market capitalization rise to about $13 billion at a high point today before finishing at about $11.2 billion.
The Wall Street Journal initially reported Atlanta-based Coca-Cola’s interest in Monster. The report said a deal would be viewed as a way for Coca-Cola to improve its competitive position against Austrian energy drink company Red Bull GmbH, which has its North American headquarters in Santa Monica.
Monster reported net sales up 30.6% from a year earlier to $1.7 billion for the year ended December 31.
Net income for the year increased 35% to $286.2 million.