Green Mountain (GMCR) Shares Lower as Investors Ring the Register Near $24
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Price: $91.67 --0%
Rating Summary:
5 Buy, 15 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
5 Buy, 15 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Investors in Green Mountain (Nasdaq: GMCR) shares are taking some profits Monday following a strong move higher since the end of June. The stock last traded at $23.63, down about 3.5 percent on the session. Shares seem to be bumping up against some resistance at $24.
Over the last eight trading sessions, shares of Green Mountain have closed down only once, adding more than 20 percent in market value. Traders seemed to be "buying the dip" after the stock fell about 8 percent on June 21st amid pricing concerns.
Monday's weakness comes on the heels of SEC inquiries about the possible impact to Green Mountain's earnings following K-Cup patent expiration in September. The SEC specifically asked the company about an material impact to financials once the patents are open to competitors. Green Mountain responded by saying it has competitive advantages aside from intellectual property.
Also affecting the stock this afternoon is a Starbucks (Nasdaq: SBUX) tout from an analyst at Wells Fargo earlier. The firm's Bonnie Herzog cited recent Nielsen data which showed K-Cups lost some ground versus the entire ground coffee category over the end of May and first week of June. The analyst said a share gain in Starbucks' K-Cup sales were largely at the expense of Green Mountain's brands.
On the other side of the trade, shares of Starbucks are up 0.2 percent to $52.09 at last check.
Over the last eight trading sessions, shares of Green Mountain have closed down only once, adding more than 20 percent in market value. Traders seemed to be "buying the dip" after the stock fell about 8 percent on June 21st amid pricing concerns.
Monday's weakness comes on the heels of SEC inquiries about the possible impact to Green Mountain's earnings following K-Cup patent expiration in September. The SEC specifically asked the company about an material impact to financials once the patents are open to competitors. Green Mountain responded by saying it has competitive advantages aside from intellectual property.
Also affecting the stock this afternoon is a Starbucks (Nasdaq: SBUX) tout from an analyst at Wells Fargo earlier. The firm's Bonnie Herzog cited recent Nielsen data which showed K-Cups lost some ground versus the entire ground coffee category over the end of May and first week of June. The analyst said a share gain in Starbucks' K-Cup sales were largely at the expense of Green Mountain's brands.
On the other side of the trade, shares of Starbucks are up 0.2 percent to $52.09 at last check.
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