Caribou Coffee: 52-Week Highs
By Miriam Reimer - 08/08/11 - 4:02 PM EDT
MINNEAPOLIS, Minn. (TheStreet
) -- Caribou Coffee
was one of just four stocks to reach a 52-week high amid Monday's market selloff.
The major stock indexes tumbled more than 5% Monday following an unprecedented downgrade to the U.S. government's AAA credit rating by Standard & Poor's on Friday
Caribou Coffee was no exception; the small-cap coffee shop chain's stock shed 8% to $14.24 in afternoon trading, but not before it rose to a 52-week high of $16 in morning trading.
The only other stocks to hit 52-week highs on Monday were capital goods maker Argan
, authentication provider Collectors Universe
and National Research
, a surveyor of business performance for the healthcare industry.
Caribou posted an 83.3% jump in second-quarter earnings last week as revenue grew by 16.5%, and the company raised its full-year outlook.
The introduction of breakfast sandwiches to its menu helped drive quarterly results.
Caribou also announced a partnership with Crossmark
, a sales and marketing services company, to help it expand its packaged coffee business and better compete with coffee giants like Starbucks
, Green Mountain Coffee Roasters
and Dunkin' Donuts
--Written by Miriam Marcus Reimer in New York.
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