SBUX - Dow Jumps 400 Points; Starbucks Posts Upbeat Earnings | Benzinga
U.S. stocks traded higher midway through trading, with the Dow Jones index gaining more than 400 points on Thursday.
The Dow traded up 1.21% to 33,675.91 while the NASDAQ rose 1.46% to 13,251.90. The S&P 500 also rose, gaining, 1.53% to 4,302.89.
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Leading and Lagging Sectors
Real estate shares jumped by 3% on Thursday.
In trading on Thursday, communication services shares rose by just 0.7%.
Top Headline
Starbucks Corp (NASDAQ: SBUX) reported better-than-expected fourth-quarter financial results.
Starbucks reported fourth-quarter FY23 sales growth of 11.4% year-on-year to $9.37 billion, beating the analyst consensus estimate of $9.29 billion. Adjusted EPS of $1.06 beat the consensus estimate of $0.97.
Starbucks said sees FY24 revenue growth at the lower end of 10% - 12% forecast. SBUX continues to see FY24 adjusted EPS growth to be 15% - 20%.
Equities Trading UP
8x8, Inc. (NASDAQ: EGHT) shares shot up 33% to $3.0401 following upbeat quarterly results.
Shares of Rocky Brands, Inc. (NASDAQ: RCKY) got a boost, shooting 42% to $17.88 after the company reported better-than-expected third-quarter financial results.
Lemonade, Inc. (NYSE: LMND) shares were also up, gaining 37% to $15.09 following strong third-quarter results.
Equities Trading DOWN