Starbuck’s Stock Hits Record High

Somebody forgot to tell Starbuck’s investors that the bull market is running out of steam. The company’s shares, which have doubled in the past two years, pushed to a new record on Wednesday, nearing $75. Why? It turns out that being a retailer of a product that people are addicted to is a pretty good business. In a climate that has been hostile to mass retailers, Starbuck’s continues to pull in customers without having to resort to discounting. The company’s higher-end consumers haven’t reacted to recent price increases by going elsewhere, and competition from cheaper java joints like Dunkin’ Donuts and McDonald’s doesn’t seem to be taking a bite out of sales.