Investing.com - Here’s three things that flew under the radar this week.

1. Coke Is Goldilocks

Coca-Cola (NYSE:KO) enjoyed one of its best weeks in a long time, rising more than 5.5%, tops among the 30 Dow stocks.

It hit a new high on Wednesday and is up 14.6% for the year.

Coca-Cola (NYSE:KO) enjoyed one of its best weeks in a long time, rising more than 5.5%, tops among the 30 Dow stocks.

Sure, the year-to-date return pales compared with Dow-leading Microsoft's (NASDAQ:MSFT) 39% gain this year.

But Coca-Cola's return is deceiving, because it includes the drubbing the beverage giant suffered in mid-February after its fourth-quarter earnings report disappointed Wall Street and knocked the shares down about 10%, before bottoming on Feb. 19.

Since then, Coca-Cola is up 21%.

So, what happened? Original Coke products did well. So did Coke Zero Sugar, which has been growing a double-digit levels. In the beverage business, that's a big deal.

Second-quarter revenue grew 6% to $10 billion. Earnings per share jumped 13%. The company now expects full-year organic growth (reported growth less the effects of acquisitions and currency changes) to hit 5%. In February, the company was thinking 4% growth.

But Coke's stock price may be vulnerable because it's hit a string of new highs recently. The shares are trading at 33x trailing earnings, a rich premium. Its relative strength index has topped 70 - a key technical level to judge overvaluation - several times in the last week.

But the dividend investor should like Coke. Its $1.20-a-share payout is stable and represents a yield of about 3%.

And Coke is a value play, never too hot and not too cold. The stock fell slightly in last year's fourth quarter, while the market overall was pummeled.

2. More Pain Ahead for European Banks?

European Central Bank President Mario Draghi signaled a stimulus package was in the pipeline for September, sending Germany’s government bond yields to a record low.

Germany’s 10 year government bond yield hit a new all-time low of 0.422% on Thursday intraday, before paring some losses.

Analysts have previously warned that every 25 basis points additional of a rate cut may prove a drag of about 2% on earnings per share of banks.

“Low rates have hurt bank profitability in most developed markets for years now, and the pain doesn’t seem to be coming to an end any time soon,” said Jan Schildbach, head of research for banking and financial markets at Deutsche Bank AG (DE:DBKGn) in Frankfurt.

Earnings from both UBS and Deutsche Bank this week gave traders an insight into the damage that negative rates may bring.