Diedrich Coffee’s Stock Rises With Plans for New Outlets
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Diedrich Coffee’s stock surged 17.6% Thursday after the Irvine company announced plans to open 44 coffeehouses in North Carolina over the next five years.
The stock rose 88 cents to $5.88 a share on trading of 178,700 shares, more than six times the average daily volume over the last three months. The shares have traded between $2.50 and $9 over the last year.
The company said the agreement is the first step in a plan to open 1,500 coffeehouses nationwide, largely through agreements with major franchise operators. In North Carolina, Diedrich signed an agreement with operators of a major Taco Bell franchise to set up a new company to open the coffeehouses.
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