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Byline: Christina Wise
Peet's Coffee & Tea is moving up the right side of an eight-week base. It finished Wednesday just shy of its March 7 high. The stock went public in January 2001 and promptly fell into a base that lasted more than a year.
The Berkeley, Calif.-based specialty coffee roaster is a main supplier to Starbucks. It also sells its coffee beans and tea through specialty grocery stores and by mail order.
Peet's had a rough time for profit between 1999 and 2001. On Wednesday, it met estimates with a first-quarter profit of 5 cents a share. During the same period last year it lost 4 cents a share.