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Starbucks' stock surges toward 3rd-straight record close, best 5-day gain in 7 months

Tomi Kilgore

Shares of Starbucks Corp. jumped 1.9% in morning trade Friday, putting them on track to extend their streak of gains and record closes. The stock has rallied 9.0% during its 5-day winning streak, which would be the best 5-day performance since it soared 17% over the 5-day stretch ending Nov. 8, 2018, which was aided by the 9.7% surge on Nov. 2 following fiscal fourth-quarter results. The stock was also headed for a third-straight record close. Chief Financial Officer Patrick Grismer said Thursday at the Piper Jaffray Consumer Marketplace Conference, according to a transcript provided by FactSet, that the most recent consumer research indicated that the company "enjoys even higher levels of preference with millennials and centennials," indicating strength across all demographics. He said the company sees "significant potential" in China, and is encouraged by the results seen in new units opened in China. The stock has now soared 28.8% year to date, while the SPDR Consumer Discretionary Select Sector ETF has rallied 16.4% and the S&P 500 has gained 14.4%.