Green Mountain (GMCR) Shares Jump 8% as Starbucks (SBUX) Expands Deal for Vue
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Shares of Green Mountain (Nasdaq: GMCR) are trading up nearly 8 percent to $54.50 following news the company and Starbucks (Nasdaq: SBUX) have expanded their strategic agreement to include Starbucks-branded coffee and Tazo tea for the new Keurig Vue.
Starbucks' Jeff Hansberry, President of Channel Development, said, "We are proud to expand our relationship with Green Mountain Coffee Roasters and are looking forward to working with our colleagues at GMCR to further accelerate growth in premium single-serve coffee. Premium single cup is the fastest-growing segment of global coffee, and the expansion of our relationship with GMCR allows us to grow further, faster, in the single cup category."
Starbucks shares initially popped about a percent, however have now given up gains. The stock last traded at $53.74.
Starbucks' Jeff Hansberry, President of Channel Development, said, "We are proud to expand our relationship with Green Mountain Coffee Roasters and are looking forward to working with our colleagues at GMCR to further accelerate growth in premium single-serve coffee. Premium single cup is the fastest-growing segment of global coffee, and the expansion of our relationship with GMCR allows us to grow further, faster, in the single cup category."
Starbucks shares initially popped about a percent, however have now given up gains. The stock last traded at $53.74.
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