Starbucks' Weak Brew

Ben Berentson, 09.19.02, 7:00 AM ET

NEW YORK - At one point, it seemed like nothing could stop Starbucks' rise. There were new stores popping up every day and the stock was moving up like a rocket: Starbucks gained more than 500% from early 1996 to 2001. But now the retailer's stock is in a slump, down more than 20% since April and currently trading around $20. Will it be able to turn this around? According to the Elliott Wave Theory, the answer is no. Steve Hochberg, co-editor of the Elliott Wave Financial Forecast, thinks Starbucks is in for a tough patch ahead.

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