Peet's Coffee and Sony Corp Shares Hit New Highs

New 52-week highs for Peet's Coffee & Tea, Inc. (NASDAQ:PEET) and Sony Corp. (NYSE:SNE) shares, the bulls were out in full force and Sony doesn't even report earnings until tomorrow.

Peets (PEET) hit $33.90 a share before closing the day at $33.60 up 4.2%.  In 2009 Peets shares are up 44% and today's spike was thanks to a stellar Q3 and forward guidance. On Tuesday, Peet's raised its 2009 profit view to $1.04 to $1.06 a
share from 97 cents to $1.00 a share. It expects 2010 earnings of $1.24
to $1.30 a share on revenue growth of 8 percent to 12 percent.  

Stifel Nicolaus upgraded its rating on the stock to 'buy' from 'hold,' saying Peet's continues to drive double-digit growth in specialty coffee at grocery stores and leverage significant cost savings. Stifel set a price target of $35 on the stock, said the company's new licensing deal to sell Godiva-branded coffee should contribute meaningful revenue growth in the fourth quarter and in fiscal 2010.

Sony (SNE) shares rose 6% today and hit $30.67 before ending the day at $30.54.  Sony reports fiscal second quarter 2009 financial results on Friday, October 30, 2009. 

Traders were placing their bets ahead of the call and analysts' estimates for the quarter ending September 2009 (Q2) range are from a low of $-0.43 to a high of $-0.26, with a consensus of $-0.37. Sony's PlayStation 3 is expected to get a further boost in December when Square Enix Holdings Co launches the latest version of its blockbuster "Final Fantasy" role-playing game series. On a negative note, Sony is recalling about 69,000 VAIO computer AC adapters due to concerns that insulation inside the adapter may fail and pose an electrical shock hazard to consumers.