Diedrich Shares Rise
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IRVINE — Shares of Diedrich Coffee Inc. surged for a second straight day Wednesday over investor optimism that new management will be able to return the troubled coffee chain to profitability and expand it.
Diedrich shares rose 16%, or 63 cents, to $4.50, as 499,600 shares exchanged hands. On Wednesday, the 37-store coffee chain announced that former Taco Bell Chairman John Martin is taking over as chairman and investing $1 million in Diedrich. In addition, Tim Ryan, a 23-year restaurant industry veteran, will become the company’s chief executive.
Diedrich shares rose 19% on the news Tuesday.
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