If you’re been waiting for a pullback in get into Starbucks , the Fast pros say it’s here.Shares of Starbucks slipped almost 5% in extended trade after the java giant released results that called the stocks sharp march higher into question. Year to date Starbucks has gained more than 30%.
“They beat, but the beat wasn’t as big as needed to keep the mojo going," says Fast Money trader Guy Adami. "They’re a victim of their own success. They needed to crush and they didn’t do it. But growth is still accelerating. On the pullback, I think the Starbucks is a buy.”The concerning metric involved sales from Europe – they fell 1 percent. Analysts polled by Consensus Metrix were expecting same-stores sales to rise 2.2 percent in Europe.Also, Starbucks Chief Financial Officer Troy Alstead said the economy in Europe is "challenging". But all that talk about Europe may be distracting investors from a more meaningful metric.
“Look at what they had to say about Asia,” says trader Brian Kelly. Sales were up 18 percent in the China/Asia Pacific region. "We continue to see strong traffic growth in China," said Alstead. "We haven't seen any of the slowness that I've heard others talk about."
That kind of growth in China is enough to jazz Kelly. “I’d buy the pull back, too.”
By the numbers, Starbucks reported a profit of $309.9 million, or 40 cents a share. Analysts had expected the company to report earnings of $3.18 billion or 39 cents per share, according to Thomson Reuters.
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Trader disclosure: On Apr 26, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Jon Najarian is long DECK; Jon Najarian is long EXPE; Tim Seymour is long AAPL; Tim Seymour is long BAC; TIm Seymour is long CSCO; Brian Kelly is long SPY; Brian Kelly is long USG; Brian Kelly is long IWM; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long AGU; Guy Adami is long MSFT; Guy Adami is long NUE; Guy Adami is long BTU; Keith McCullough is long GLD; Keith McCullough is long XLU
For Keith GoddardKeith Goddard is long SPLSKeith Goddard is long AMZN
For Peter NesvoldNothing to disclose
For Michael PachterWedbush Securities makes a market in the securities of NFLX
CNBC.com with wires.