April 22, 2010
Shares of Starbucks Corp (NASDAQ: SBUX) rose on Wednesday, April 21 and then surged in after-hours trading after a better than expected earnings report was released.
Starbucks posted much stronger earnings for its fiscal second quarter and raised its fiscal 2010 profit outlook. Net income was $217.3 million, or 28 cents a share, compared to net income of $25 million, or 3 cents a share, in the year-earlier quarter. This was the second quarter in a row with positive same store growth.
Starbucks remained below its closing higher of $25.56 reached on March 17. This high should be surpassed in coming days.
The target for this advance remains at $27.42, the 61.8% retracement for the entire bear market decline. A close above this level would be extremely bullish.
Disclosure: The Fibtimer.com (www.fibtimer.com) Stock Timing Strategy holds a position in Starbucks.