Starbucks Turns Golden After First Yearly Drop Since ‘08: Chart

(Bloomberg) -- Starbucks Corp. is entering the new year in a trading pattern that has emerged just twice since 2013, and each time preceded sustained rallies of at least 55 percent. The 50-day moving average has broken above the 200-day line, a threshold known as a golden cross, as the shares took back more than half the 7.5 percent they lost in 2016, their first annual drop in eight years. Analysts from Nomura Holdings Inc. to Piper Jaffray & Co. and Cleveland Research have weighed in recently with positive remarks, citing the company's global brand equity and growth prospects in the beverage industry as catalysts in 2017.

--With assistance from Janet Freund To contact the reporter on this story: Richard Richtmyer in New York at rrichtmyer@bloomberg.net. To contact the editors responsible for this story: Arie Shapira at ashapira3@bloomberg.net, Courtney Dentch