Bitter brew: Starbucks stocks slide for 11th consecutive day

KUALA LUMPUR: Coffee giant, Starbucks Corp, reported a challenging day in the stock market as its shares declined by 1.61 per cent, reaching US$97.60 (RM455.30).

Checks by New Straits Times on stock market website MarketWatch revealed the company's shares had declined for the 11th consecutive day.

Marketwatch said the losses reflected broader concerns and challenges in the market.

Yesterday, the S&P 500 experienced a 0.54 per cent decrease, reaching US$4,569.78, and the Dow Jones Industrial Average fell by 0.11 per cent to US$36,204.44.

This recent downturn follows a series of discussions and concerns in the financial sphere, said Marketwatch.

Starbucks closed at US$17.88 below its 52-week high of US$115.48, reached on May 1, indicating a more prolonged and sustained decline.

In comparison to some competitors on the same day, Starbucks showed weaker performance. Coca-Cola's stock decreased by 0.12 per cent, PepsiCo's stock increased by 0.27 per cent, and McDonald's stock rose by 0.06 per cent.

The financial site said factors contributing to this heightened scrutiny include concerns about "still-slow China data," potential sales trends, and the aftermath of boycotts and labor strikes.

The call for boycotting Israeli-affiliated products has been ongoing since the Israeli-Palestine conflict that occurred on Oct 7.

Israel has relentlessly bombarded Gaza and sent in ground troops in an assault the health ministry in the Hamas-run territory says has killed more than 9,700 people, mostly women and children.

Against this backdrop, the trading volume for Starbucks was notable, reaching 11.5 million shares, exceeding its 50-day average volume of 7.2 million shares.

This increased trading activity indicates growing concern or keen interest among investors, reflecting the evolving dynamics in the coffee giant's stock performance.

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