If you're wondering whether holiday marketing still matters in the age of year-round pumpkin spice, Wednesday's trading session offered a pretty clear answer. The Hershey Company (HSY), Starbucks (SBUX), Coca-Cola Inc. (KO), and Krispy Kreme Inc. (DNUT) all closed higher during the abbreviated Christmas Eve session, suggesting investors think all that festive cheer might actually translate into sales.

AI Meets Classic Advertising

Coca-Cola made waves this year by going all-in on artificial intelligence for its holiday advertising. The beverage giant partnered with San Francisco studios Secret Level and Silverside AI to create reimagined versions of its legendary 1995 spot, "The Holidays are Coming." It's the kind of move that either signals the future of advertising or makes traditionalists nervous, depending on who you ask.

"We consistently hear that consumers around the world don't feel it's Christmas time until they see the timely and timeless Coca‑Cola advertising they know and love," said Islam ElDessouky, Coca-Cola's Global Vice President Creative Strategy & Content. "While our expression changes year after year, the fundamentals stay the same."

Seasonal Products Take Center Stage

All four companies are leaning heavily on limited-time holiday offerings to drive traffic and sales. Starbucks rolled out its seasonal heavy hitters, including eggnog and peppermint drink lines, while bringing back its "Starbucks for Life Merrython" game. The promotion rewards customers with prizes ranging from free drinks to branded mugs, the kind of loyalty program that keeps people coming back even when it's 20 degrees outside.

Hershey launched several new candies for the season, including Reese's Mini Trees and the Hershey's Grinch Milk Chocolate Bar. Angie Stubbs, the company's senior manager of holiday, emphasized how the company celebrates holiday traditions through festive offerings and fan favorite holiday shapes. Because apparently, chocolate just tastes better when it's tree-shaped.

Meanwhile, Krispy Kreme jumped on the nostalgia train with animation-themed partnerships, offering donuts decorated with Peanuts characters Snoopy and Charlie Brown. It's the kind of collaboration that works because, honestly, who doesn't have a soft spot for Charlie Brown's sad little Christmas tree?

The Numbers

All four stocks posted gains on Wednesday, though the real test comes when these companies report holiday quarter results early next year. That's when we'll find out if all the AI commercials, limited-edition candy bars, and Snoopy donuts actually moved the needle on revenue.

Hershey shares closed Wednesday up 1.16% at $184.73, according to market data. Starbucks shares rose 0.85% to $84.57, Krispy Kreme climbed 1.19% to $4.24, and Coca-Cola gained 0.33% to close at $69.91.

Investors are clearly betting that holiday spirit translates into consumer spending, and these companies are doing everything they can to make sure their products are front and center when shoppers open their wallets.