Starbucks Stock Just Closed At Its Lowest Level Of 2023: What's Going On?
Portfolio Pulse from Adam Eckert
Starbucks Corp (NASDAQ:SBUX) shares closed down 2.3% at $96.20, marking its lowest closing price of the year. The stock has been trending lower since the company's fiscal second-quarter results. Despite beating expectations for Q2, the company maintained a cautious outlook, which has weighed on shares. Starbucks CFO Rachel Ruggeri noted that sales growth in China is expected to moderate in the second half of the year.
July 06, 2023 | 8:31 pm
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Starbucks shares closed at their lowest price of the year, despite beating Q2 expectations. The company's cautious outlook and expected moderation of sales growth in China have weighed on the stock.
Starbucks shares have been trending lower since the company's fiscal second-quarter results. Despite beating expectations for Q2, the company maintained a cautious outlook, which has weighed on shares. Additionally, the company's CFO noted that sales growth in China is expected to moderate in the second half of the year, which could further impact the stock negatively.
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