NEW YORK - Shares of Peet's Coffee & Tea Inc. soared Friday after the company said its second-quarter profit climbed 69 percent, helped by strong grocery store sales of its specialty coffee.

The shares jumped $3.78, or 19.4 percent, to $23.27 in late morning trading.

After the market closed Thursday, Peet's reported net income of $3 million, or 21 cents per share, from $1.8 million, or 13 cents per share in the prior-year quarter. [Read the Full Article]

Looks like Peet's Coffee & Tea is starting to become a household name just like Starbucks as it eats up more market share of the coffee giant. It has been around for 42 years but unlike Starbucks it hasn't been that visible. It shouldn't matter now since Peet's seems to have a great strategy in targeting the grocery and the wholesale market. I hope they do well from here on since they do have great coffee.

Good job on everyone who was able to buy stocks of Peet's before it went up. Hope it still soars even higher and the quality of their drinks stay the same.