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Starbucks Shares Rise 18% on Q3 Results

Submitted by Frank Lara Jr on Thu, 07/23/2009 - 01:02.
in
Starbucks (SBUX)

Starbucks Corp. (NASDAQ:SBUX) finished the day up $2.70, or 18.38% to close at $17.39 after beating the Street by improved sales and cost-cutting maneuvers.

“Earnings are on the rebound, primarily on the strength of cost savings and a sequential improvement in sales results,” said Dan Geiman of McAdams Wright Ragen brokerage in Seattle, in a note to investors.

“The results also suggest that the competitive pressures some had feared, specifically McDonald’s introduction of espresso beverages and the swirl of advertising surrounding it, have had little if any negative impact on Starbucks’ results,” Geiman wrote.

Just take a look at the Upgrades today thanks to the Q3 results:

22-Jul-09 Upgrade Deutsche Securities Sell → Hold $9 → $14
22-Jul-09 Upgrade Argus Hold → Buy $20
22-Jul-09 Reiterated Jefferies & Co Hold $14 → $16

 

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