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Takeover Percolating in Coffee?
Combing through stocks today, the coffee industry popped on my radar due to some heavy buying activity. A handful of names are trading with higher than normal volumes with some nice mid-day gains, including Coffee Holdings (JVA +9%), Green Mountain (GMCR +6%) Farmer Bros (FARM +5%) and Caribou (CBOU +3%). Yet, in the meantime Starbucks (SBUX -0.6%) is being scalded a little bit.
Of course, it's customary for companies that are being taken over to jump higher, and for acquirers to take a hit. Look out for rumors of a takeover by Starbucks of a coffee business, or perhaps something else like tea or juice. Certainly traders are aware that Starbucks has some cash as it decided to invest $25 million in mobile payment company Square today.
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