SBUX report now in, and although I don't see anything particularly disappointing (nice revs, beat earnings est., affirms guidance, announces buyback, raises # of new stores to be opened), but it looks like it got an immediate whack of $2 and change from the close, so somebody was prepared to sell the news regardless.
AH almost all of the action has been in the 30 to 31 range, so maybe that's a temporary floor. There's strong horizontal support around 30 from late December - early January.
Now we'll have to wait and see how many days it will take the institutional shorters to cover . . . . .
CHICAGO (MarketWatch) - Starbucks Corp. earned $145 million, or 18 cents a share in its fiscal third quarter, up from $125.5 million, or 16 cents, in the year-ago period, the company said after the close of trading Wednesday. Revenue at the Seattle-based coffee chain rose 23% to $1.96 billion while same-store sales rose 6%. The average estimate of analysts polled by Thomson First Call had been for Starbucks to earn 17 cents a share on revenue of $1.96 billion. Starbucks also said it expects to earn 72 cents to 73 cents a share for the full year, up from 61 cents in fiscal 2005 and in-line with analyst estimates. |
