Even after excluding the charges, SBUX made 10 cents per share versus the 13 cents expected by Wall Street estimates. But the biggest worry for investors has to be the 8% drop in same-store sales.

In a strange conference call after the release, the company outlined several scenarios whereby 2009 results would barely meet or miss current expectations. SBUX claimed this was not a reduction in guidance, but instead a forecast of what ifs in a worst-case scenario.

Whatever you call it, it is looking more and more like the worst-case scenario is taking place. That means last quarter's results are likely to be repeated going forward. I just don't see how it can avoid it.

As such, investors should not rely on current guidance. I, for one, expect the company to miss the mark by a wide margin in 2009. The recession has only begun, and nobody knows how deep it will go.

If anything, SBUX should withdraw guidance -- but that is not in the nature of the fighting Schultz. He set the bar and will do whatever it takes to jump over it. But he is only making matter worse for himself.

Investors are beginning to clue in. Shares of SBUX are down more than 60% during the past year.

Louis Navellier's PortfolioGrader, which offers free ratings for nearly 5,000 Wall Street stocks, rates SBUX a C, or Hold.

The bottom line is that even if the company makes 75 cents next year, there is more room for SBUX to fall. With a 10 multiple of earnings we would get a share price of $7.50.

If you want to buy the stock, I would wait until we get a better idea what the year looks like from an earnings perspective.

Jamie Dlugosch is a contributor to InvestorPlace.com.