Why Starbucks Stock Fell Hard This Week
(NASDAQ: SBUX) stock trailed the market by a wide margin this week, declining 15% through Thursday trading according to data provided by S&P Global Market Intelligence. That's as compared to a 1% decline in the S 500 in the period. The coffee giant's shareholders have had a lukewarm 2024 so far, with shares down over 20% even as the market is up 6%.
Starbucks' stock price slump this week came after the company reported soft fiscal Q2 demand trends.
Starbucks said in an April 30 update that sales worsened in the most recent quarter, which ran through late March. Comparable-store sales fell 4% globally, marking a sharp turnaround from the prior quarter's 5% uptick. Investors had been expecting a slowdown, but the scale of that slump caught Wall Street by surprise.
Source Fool.com
Starbucks Corp. Stock
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