Did Ronaldo Affect Coca-Cola?

On June 14th of June 2021, Ronaldo in a press conference made an offense on Coca-Cola and it seemed like it had a negative effect on its stock.

Let's look at Coca-Cola’s stock for the past 5 years.

During Corona's peak period, many stocks came down, but that stock price during that period is not a fair representation of its true value and natural progression. If the Corona drop is adjusted for, then a cubic polynomial can be fit on the history of the stock with an R² of 0.95 (which means that the fit can describe 95% of the data).

Here is how it should look like in multiple years. The stock should fluctuate around 90$ in 2023.

On a closer look only at 2021, Blueline being Trend Line and Orange being the Corona-Adj-Close values, it still seems that in general, the stock price is a little lower than its expected trend value.

Subtracting the stock adjusted value from the trend line gives the regular fluctuations of this stock around its trend line.

On a closer look at the stock fluctuations, aside from 2020 which is Corona year, the normal fluctuations in the past 5 years are around 2.5$ and -3$ above and below the trend line.

If we look at 2021 alone, fit a Trend line and repeat the analysis, given that the volatility of the stock could have changed after Corona.

Looking at the fluctuations, probably 2$ to -2$ is the edge fluctuations of this stock in 2021 alone.

All in all, it is difficult to say that Ronaldo affected the stock's regular fluctuations, it seems so far that the stock is behaving normally. However, the month of July will reveal that clearly. If the stock bounces up in July, then Ronaldo certainly did not do much.