Coca-Cola (NYSE: KO) shares are falling after Coca Cola Hellenic Bottling (NYSE: CCH) revised its 2008 earnings growth estimate to 5% to 8%, well below the 12% to 15% previously forecast. KO owns a 23% stake in CCH. CCH said rising food and fuel prices have adversely affected consumer spending. If you think this stock won't be rising too far in the coming months, then it could be a good time to look at a bearish hedged play on KO.

After hitting a one-year low of $51.06 last June, the stock hit a one-year high of $65.59 in January. This morning, KO opened at $57.03. So far today the stock has hit a low of $54.01 and a high of $57.10. As of 1:20, KO is trading at $55.02, down $2.12 (-3.7%). The chart for KO looks bearish and steady, while S&P gives the stock its highest 5 STARS (out of 5) strong buy rating.

For a bearish hedged play on this stock, I would consider an August bear-call credit spread above the $60 range. A bear-call credit spread is an options position that combines the purchase and sale of call options to hedge risk in case the stock doesn't do what you think but still leverage nice returns. For this particular trade, we will make a 6.4% return in two months as long as KO is below $60 at August expiration. Coke would have to rise by more than 9% before we would start to lose money. Learn more about this type of trade here.

KO hasn't been above $60 since April and has shown resistance around $58 recently. This trade could be risky if the company's earnings (due out in mid-to-late July) are a positive surprise, but even if that happens, this position could be protected by resistance KO might find at its 200 day moving average, which is currently around $59.

Brent Archer is an options analyst and writer at Investors Observer.

DISCLOSURE: Mr. Archer owns and/or controls diversified portfolios of long and short stock and option positions that may include holdings in companies he writes about. At publication time, Brent neither owns nor controls positions in CCH. He does control bullish hedged positions in KO which are struggling. Both this trade above and those positions can expire profitably at the same time.