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Small bakery CRMB will be serving Starbucks coffee. |
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Released on Tuesday, August 7, 2012, 10:50 AM ET
Pittsburgh, PA (SpeculatingStocks) - Crumbs Bake Shop, Inc. (NASDAQ:CRMB) is a relatively small operation trading at a market cap of only around $20 million and revenue last year of $39.8 million.
Yesterday evening, CRMB announced entering into an agreement with Starbucks to bring the full complement of Starbucks brewed coffees, teas and espresso-based drinks to all Crumbs locations.
CRMB is up $1.28 to $3.33 on the news or a 62%+ move. There is speculation out there that investors may be thinking that the deal with Starbucks could lead to a bigger relationship between Crumbs Bake Shop and Starbucks down the road, possibly even serving Crumbs' products.
A year ago, CRMB was trading at $11+ and today marks a fundamental change in the company, so it will be interesting watching CRMB moving forward.
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