Why Starbucks Stock Was Falling Today
Shares of Starbucks (NASDAQ: SBUX) were trading down 4.3% as of 1:36 p.m. ET on Monday. Investors grew uneasy following news that the company was suspending its share repurchase program.
CEO Howard Schultz, who just today returned to the role after former CEO Kevin Johnson's retirement, outlined near-term challenges facing the company.
"Our company, like many companies, is facing new realities in a changed world," Schultz wrote in a letter addressed to employees and other stakeholders. "Pinched supply chains, the decimation caused by COVID, heightened tensions and political unrest, a racial reckoning, and a rising generation which seeks a new accountability for business."
Source Fool.com
