Roy D. Burry of Kidder, Peabody & Company said he considers Coke shares to be overpriced.

At the close, Coke shares were down 1 7/8, to 61 9/16.

Investors sold shares of several beverage companies yesterday following the Coca-Cola news, with Coke shares falling $1.5625, to $63.25.

Since 1998, Coke shares have lost almost half their value.

Mr. Goldman of Paine Webber said that Coke shares would continue to be promising despite their high multiple.

Coke shares fell $1.50, to $73.625.

An owner of 100 Coke shares could buy that option and protect against a decline in the price of the stock.

Alternatively, the investor could keep the Coke shares, hoping they would later rebound, and sell the option before its expiration, perhaps earning a profit on the option trade.

This may help to explain why Coke shares soared to a 52-week high of $51.75 on Friday, while Pepsi shares have fallen $1.50, to $30.125, since the announcement.

The volume and earnings were about what Wall Street had expected, and Coke shares rose $2.125, to $64.