US: Starbucks, PepsiCo rumours lead to share rise
Starbucks' shares have risen following rumours that it is looking to expand its partnership with PepsiCo.
Shares in the coffee shop chain rose 4.6% yesterday (19 July) despite both Starbucks and PepsiCo denying plans to change their relationship.
PepsiCo handles the retail distribution of Starbucks' bottled Frappuccinos in the US.
A spokesperson from Starbucks said: "We aren't in the process of making any changes to the relationship." PepsiCo has also said that there were currently no plans to change that relationship.
Starbucks is due to release its third-quarter earnings in August, which explains its current positioning, according to equity options analysts.
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