Peet's Coffee & Tea Plunging 11% On Starbucks, Green Mountain Deal (PEET)

Peet's Coffee & Tea, Inc. PEET shares are plunging in pre-market trading, down 11% to $42.60 on news that Starbucks SBUX and Green Mountain Coffee Roasters GMCR tied up in the single serve coffee market.

So far, around 16,000 shares have been traded this morning.

Peet's Coffee & Tea, Inc., together with its subsidiaries, operates as a coffee roaster and marketer of roasted whole bean coffee and tea in the United States.