Stock Market Today: Strong Earnings Fuel These Huge Gains

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The stock market today is down slightly, but two companies are soaring on great earnings and upgraded forecasts.

Along with those two stocks, check out another company that has returned to profitability - but one leading energy company that's sending warning sings.

  • Starbucks Corp. (Nasdaq: SBUX) surges on confidence- The Seattle, WA-based company posted a strong fourth-quarter profit, in what its CFO called "clearly the best fourth quarter Starbucks has ever delivered." Starbucks reported net income of $359 million, or 46 cents a share, compared with $358.5 million, or 47 cents a share, in the period a year earlier. For the fiscal year ended Sept. 30 revenue grew 14% to 13.3 billion while earnings grew 10%. Starbucks has been active in promoting items besides coffee, such as tea and energy drinks, while also teaming up with Square and introducing its own single-service coffee machine. "They're really searching for life even beyond coffee," Jack Russo, a St. Louis-based analyst at Edward Jones & Co., told Bloomberg News. "They're trying to diversify the business model a little bit and those different things have all helped U.S. revenue," he said. Investors were pleased by the better-than-expected earnings, but the fact that Starbucks is now forecasting earnings of $2.06 to $2.15 a share, up from an earlier projection of $2.04 to $2.14, is what's really sending the stock higher today. As of noon today SBUX stock was up over 11%.
  • Chevron Corp. (NYSE: CVX) earnings fall on lower production- Chevron's third quarter profits declined 33% from a year ago due to lower natural gas and oil production. The second-largest U.S. oil company in market value, behind Exxon Mobil Corp. (NYSE: XOM), stated that a "heavy period of planned oil field maintenance," the effects of Hurricane Isaac and the closing of a California refinery after an August fire all resulted in lower output. For the third-quarter Chevron reported that earnings dropped to $5.25 billion or $2.69 per share, from $7.83 billion or $3.92 per share, a year ago. Adjusting for certain items, Chevron posted EPS of $2.55, compared with analysts' average estimate of $2.83. CVX stock is down 2.15% as of noon.

While Chevron is disappointing investors today, here's one stock that's soaring on earnings and an upgrade:

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