Investors have been stuck in a holding pattern for quite a while now, with the stock market thus far resisting downward pressure from a rising chorus of calls for a possible economic recession ahead. Yet major market indexes also haven't been able to make much headway moving higher. On Monday morning, it appeared based on stock index futures that markets would open with a modest move lower.

However, some stocks gave their shareholders a more bullish outlook. One stock that many investors know quite well is Coca-Cola (KO -0.46%), and its latest earnings results came as a pleasant surprise for many who follow the beverage giant. However, gains for Koninklijke Philips (PHG -2.55%) were even more impressive, showing the strength of the medical device industry right now. Read on to learn more about both of these winning stocks.

Coca-Cola hasn't lost its fizz

Shares of Coca-Cola were higher by between 1% and 2% in premarket trading Monday morning. The beverage company released first-quarter financial results that showed its ability to use its pricing power to push back against inflationary pressures.

Coca-Cola's numbers were solid. Revenue was up 5% to $11 billion, and the top-line gains would have been even higher were it not for extensive adverse foreign currency movements. Organic revenue climbed 12% as the combination of Coca-Cola's sales mix and its pricing contributed 11 percentage points to the company's sales gains. Adjusted earnings managed to climb 5% to $0.68 per share despite facing 7 percentage points of currency headwinds.

That said, Coca-Cola wasn't strong everywhere. Unit case volume in its Europe, Middle East, and Africa segment dropped 3%, due largely to the company cutting off business in Russia and facing the impact of devastating earthquakes in Turkey. Even there, though, the beverage giant was able to use its pricing power to offset pressure on unit sales volume and keep its financial growth intact.

Coca-Cola left its outlook for 2023 largely unchanged, with expectations for 7% to 8% organic sales growth and adjusted earnings gains of 4% to 5%. That's not extremely strong growth, but it shows Coca-Cola's ability to fight off recessionary conditions and assert the high value of its globally renowned brand.

Philips keeps itself healthy

Shares of Koninklijke Philips jumped nearly 14% in premarket trading Monday. The Dutch medical device manufacturer reported higher profits and aimed to put a key problem behind it.

Sales at Philips rose 6% year over year to 4.17 billion euros, led by an 8% rise in revenue from its key North American business. Philips posted a net loss, but after accounting for extraordinary items, adjusted earnings of 0.22 euros per share were up substantially from year-ago levels and came in better than many investors had anticipated.

Philips said that it had double-digit order intake growth in its diagnosis and treatment business, which offset declines in orders at its connected care segment. Yet perhaps the most important aspect of Philips' release came from its handling of its Philips Respironics recall, as the company posted a 575 million euro litigation provision aimed to handle class action lawsuits in the U.S. stemming from the economic losses suffered by those who had purchased the equipment.

Supply chain problems have plagued Philips, but the company believes the worst could finally be behind it. Investors are pleased to see signs of forward progress and look forward to taking greater advantage of the long-term growth opportunities that Philips enjoys.