Juice Is in Jamba

Many investors jumping on the Jamba Juice bandwagon are basing their optimism on a back-of-the-envelope calculation about the smoothie chain's financial prospects.

But much of the analysis is being extrapolated from nearly two-year-old unaudited financial statements that the San Francisco-based chain filed with California state regulators. Even using those dated figures, an argument can be made that the stock is fully priced.

It will probably be another week before Jamba Juice releases updated information about its recent earnings, as part of the company's proposed merger with the so-called blank-check company Services Acquisition Corp.(SVI Quote). The $358 million deal is being hailed by some as an innovative way for investors to get in on the ground floor of a company that has aspirations of doing for the blendered juice drink business what Starbucks(SBUX Quote) did for coffee. ...