What happened Coca-Cola (NYSE: KO) shareholders underperformed a weak market last month as their stock lost 17% compared to a 12.5% drop in the S&P 500, according to data provided by S&P Global Market Intelligence. The decline put Coke about even with broader indexes so far in 2020, down 24% in the first quarter. Image source: Getty Images. So what Blue chip consumer staples investments like Coca-Cola are often safe havens during market slumps. Yet Coke stock was hurt by worries about a significant negative impact from the COVID-19 outbreak on the business. The company warned in mid-March that plunging consumer traffic at restaurants, plus the cancellation of major sporting events and most forms of public entertainment activities, will likely harm short-term earnings. Coke gets a large portion of its revenue from those on-premises sales. Now what Coke tapped debt markets on March 20, adding more than $5 billion to its cash savings. Executives are slashing costs while attacking sales opportunities online and in retailing stores, too. "We are confident about our ability to navigate from a liquidity perspective," they said in a note to investors. Yet the company is still likely to see a significant short-term impact to its business while social distancing efforts dampen demand for ready-to-drink soda products. 10 stocks we like better than Coca-ColaWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Coca-Cola wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of March 18, 2020 Demitrios Kalogeropoulos has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source