Starbucks Higher Ahead Of Q3 Report

Starbucks Corporation SBUX shares are trading higher by 72 cents (1.3 percent) at $58.66 in Thursday's session.

The company will report Q3 earnings after the close. Street estimates for EPS stand at 55 cents on sales of $5.75 billion.

Early Thursday morning, the company agreed to a deal to buy the remaining shares of an East China joint venture fro $1.3 billion in cash. The Street is showing its approval of the deal as the stock is firmly in the green on what might have been a quiet session ahead of the report.

After a higher open, Starbucks had a brief retreat to $57.93 before continuing its move higher. The ensuing rally has taken the stock to $59.18 but hasn't fallen back into the $58.00 handle. The current high matches its June 29 high.