Single-Cup Coffee, Tea Distribution Pact
Green Mountain Coffee Roasters' Keurig brewing system will be sold with Starbucks single-cup coffee and Tazo tea pods in a new deal with undisclosed terms. The combined products will be distributed to grocery stores, wholesale clubs, and drugstores beginning this fall. The companies say the fast-growing single-cup business could grow to a $4 billion market. GMCR is soaring more than 27 percent while SBUX is up 4.5 percent on tradeMONSTER's extended-hours platform.
H&R Block Gains With Early Returns
The tax-preparation firm reported a quarterly loss of $0.04 per share versus expectations for a profit by that same amount, but those results were overshadowed by strong estimates for filings in the current season. The company online returns have jumped 30 percent so far this year, an indication that it regaining ground lost to digital competitors. HRB is up more than 4 percent in the pre.
Cumulus Buys Citadel Broadcasting
The $1.7 billion deal will combine the nation's two largest radio station operators, paying $37 per share for Citadel. The merger will leave Cumulus Media with 572 stations in 120 markets, still trailing the 800-plus outlets owned by industry leader Clear Channel. CDELB is up 2 percent this morning.