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Frank started market timing in 1982 when the Federal Reserve cut interest rates and sparked the 1980’s bull rally. Realizing that this rally could have been forecasted, he began to search for indicators which had similar forecasting ability. Within a year, his first newsletter was launched,... More
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  • New Highs For Starbucks Corp. (NASDAQ: SBUX) 0 comments
    Apr 26, 2013 3:17 PM | about stocks: SBUX

    April 26, 2013 (by Frank Kollar)

    Shares of Starbucks Corp. (NASDAQ: SBUX) are at new highs, and we expect them to rise even further in coming weeks.

    Starbucks Corp's fiscal second-quarter earnings climbed 26% as the coffee giant recorded sales growth in the Americas and Asia.

    The company also raised its full-year earnings guidance to $2.12 to $2.18 a share, from its prior view of $2.06 to $2.15 a share. It reaffirmed its full-year revenue outlook.

    Starbucks Corp. manufactures and sells coffee and tea. The company purchases and roasts whole bean coffees which it sells, along with handcrafted coffee and tea beverages and a variety of fresh food items, through company-operated stores. It also sells coffee and tea products.

    Chart Courtesy of StockCharts.com

    Starbucks is right at its prior April 2012 highs and has closed above those prior closing highs.

    We are looking for the stock to reach $79.00 a share in coming weeks or months. After breaking out to new highs, SBUX should continue to climb to its 132% retracement level, which is at $79.00, before a serious correction occurs.

    The Fibtimer.com (http://www.fibtimer.com) Stock Timing Strategy does not have a position at this time in Starbucks Corp.

    Disclosure: I have no positions in any stocks mentioned, but may initiate a long position in SBUX over the next 72 hours.

    Stocks: SBUX
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