The major stock indexes tumbled more than 5% Monday following an unprecedented downgrade to the U.S. government's AAA credit rating by Standard & Poor's on Friday.
Caribou Coffee was no exception; the small-cap coffee shop chain's stock shed 8% to $14.24 in afternoon trading, but not before it rose to a 52-week high of $16 in morning trading.
The only other stocks to hit 52-week highs on Monday were capital goods maker Argan (AGX - Get Report), authentication provider Collectors Universe (CLCT - Get Report) and National Research (NRCI), a surveyor of business performance for the healthcare industry. Caribou posted an 83.3% jump in second-quarter earnings last week as revenue grew by 16.5%, and the company raised its full-year outlook. The introduction of breakfast sandwiches to its menu helped drive quarterly results. Caribou also announced a partnership with Crossmark, a sales and marketing services company, to help it expand its packaged coffee business and better compete with coffee giants like Starbucks (SBUX - Get Report), Green Mountain Coffee Roasters (GMCR - Get Report) and Dunkin' Donuts (DNKN - Get Report).
-- Written by Miriam Marcus Reimer in New York.
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