Starbucks Corporation (SBUX) rose 5.1% in Thursday morning trading to $89.56 in a move that outpaced broad retail averages by a wide margin.
Traders are circulating a research report that indicates Starbucks (SBUX) is having a better FQ1 than anticipated in North America and is on track to top comparable sales expectations. That report backs up recent Placer.ai data that indicates foot traffic at the coffee chain is in an improving trend. There is also a spotlight that touches Starbucks (SBUX) with Elliott Management reporting to have a large stake in Lululemon (LULU) in addition to its sizable position in Starbucks (SBUX).
The rally in Starbucks (SBUX) on Thursday pushed the stock to its highest level since early September. SBXU has not traded in triple digits since March. Starbucks (SBUX) has a dividend yield of 2.91% for new buyers of the stock.