Peet Coffee & Tea Inc. (PEET) in a breakout zone
October 28, 2009 11:38 AM
Peet’s Coffee & Tea Inc. (NYSE: PEET) shot up by 14.5% in early hours of trading on Wednesday to $32.5, after announcing encouraging results for Q3 yesterday after the close of session. The PEET stock has made a new 52 weeks high today and is now trading in a breakout zone with high volumes.
Peet’s Coffee & Tea Inc. (PEET) had ended the Q3 with 8 percent improvement to $73.9 million from $68.5 million, helped by the opening of new retail stores. The figures beat expectations of analysts, and PEET also raised its full year guidance following the improved results.
For the year, Peet's said it expects net earnings of $1.04 to $1.06 per share, up from an earlier prediction of profit of 97 cents to $1 per share. The company also issued new 2010 profit expectations of $1.24 to $1.30 per share.
