79.65 -1.02 (-1.26%)
Pre-Market: 4:15AM EST
|Bid||0.00 x 2200|
|Ask||0.00 x 1200|
|Day's Range||80.64 - 83.24|
|52 Week Range||69.03 - 99.72|
|Beta (5Y Monthly)||0.53|
|PE Ratio (TTM)||27.63|
|Earnings Date||Apr. 27, 2020|
|Forward Dividend & Yield||1.64 (1.90%)|
|Ex-Dividend Date||Feb. 04, 2020|
|1y Target Est||95.57|
Starbucks and PepsiCo today announced the launch of new Ready-To-Drink (RTD) Starbucks® Nitro Cold Brew.
Starbucks Corp said on Wednesday its Canadian stores will start selling a Beyond Meat Inc plant-based breakfast sandwich next week, the first time the world's biggest coffee chain will offer an imitation meat product. The Seattle-based company said its Beyond Meat sandwich, which will be topped with cheddar cheese and egg on an artisanal bun, will be available at its nearly 1,200 coffee shops across Canada on March 3. The deal intensifies the already heated rivalry between Beyond Meat and other plant-based meat producers - including Impossible Foods, Kellogg Co's Morningstar Farms, Cargill Inc [CARG.UL] and Nestle SA's Sweet Earth - which have been vying for shelf space at retailers and for deals with food service outlets.
Nestle and Starbucks expect new products developed under their coffee alliance will help to increase sales, executives from the two companies told Reuters in an interview this week. In May 2018, Nestle paid $7.15 billion for rights to sell Starbucks packaged coffees teas around the world, freeing up Starbucks to focus on its cafe business. The alliance is expected to help Nestle to tackle tough competition in the coffee market from rivals such as JAB Holdings.
Starbucks worker says he was fired for union organizing and 'to create fear'. Worker at Orlando international airport fired shortly he emerged as a leading organizer to unionize his co-workers
BLK & Bold, the first black-owned, nationally distributed coffee brand, is challenging coffee kingpins like Starbucks and Peet's with a socially-conscious business model aimed at supporting at-risk communities.
Boston Beer Company, Spirit AeroSystems, Apple, Starbucks and Carnival highlighted as Zacks Bull and Bear of the Day
Yahoo Finance is maintaining a working list companies that have been affected by the outbreak, and are expected to feel the effects through the first half of the year.
NEW YORK/BEIJING (Reuters) - With the coronavirus outbreak in China continuing to spread, McDonald's Corp , Starbucks Corp and other fast-food companies are ramping up "contactless" pickup and delivery services to keep their workers and customers safe, the companies said. McDonald's has implemented contactless pickup and delivery of Big Macs, fries and other menu items across the China as the outbreak has unfolded.
PepsiCo CFO Hugh Johnston discusses with Yahoo Finance how the coronavirus has impacted results in China for the beverage and snacks giant.
(Bloomberg Opinion) -- Question: Which economic headwind is projected to cost Ireland some 2 billion euros ($2.2 billion) between now and 2025? No, not Brexit. The answer is corporate tax reform.Last month, Ireland’s finance minister Paschal Donohoe, whose ruling party Fine Gael is struggling in opinion polls ahead of Saturday’s general election, raised this red flag as one of several global risks threatening the small, trade-reliant country of 4.9 million people. As the international loopholes allowing elaborate tax-dodging schemes — made famous by the likes of Starbucks Corp., Apple Inc. and Alphabet Inc. — gradually get closed, and as countries around the world start to overhaul the way taxes are collected, Donohoe warned that Ireland should budget for an estimated 500 million-euro hit every year from 2022. His country has been a magnet for the “tax-optimizing” plans of international companies via its 12.5% corporate tax rate and other perks.This may sound like a relatively gentle readjustment, given the slow pace and complex nature of OECD-led tax talks between 135 countries. But the emergence of two ideas — a fairer allocation of corporate profits to where customers and sales are actually located, and a minimum global corporate tax rate — has rattled the Irish. As a domestic consumer market Ireland is tiny, meaning it would probably get less profit to tax. And with a corporate tax rate that’s lower than that of the G20 and most European Union members, a shift to a minimum global levy would reduce Ireland’s attractiveness to multinational companies.You’d hope that this might lead to some national soul-searching. Prime Minister Leo Varadkar’s Fine Gael and its historic rival Fianna Fail have spent the past few years ensuring Ireland’s wagon is hitched firmly to a low-tax model — one that, according to one research paper, sucked an estimated $100 billion in corporate profits away from other countries in 2015 alone. Sure, the taxes are lucrative, bringing in 10.9 billion euros last year, and are redistributed fairly. But at what cost?The Irish economy is increasingly distorted by its dependence on foreign firms, which account for 80% of corporate taxes and some 10.5% of local jobs(2) , and which offer workers generous accommodation packages even as house prices soar. Domestic companies, meanwhile, are seeing their productivity fall. Ireland’s decision to stand with Apple after the European Commission demanded the company pay $14.5 billion in illegally-avoided taxes shows the power and influence of U.S. tech in particular.Saturday’s election won’t be fought on corporate tax, however. Neither Fianna Fail nor Fine Gael — known as Tweedledum and Tweedledee — see any reason to change Ireland’s economic model, nor its 12.5% rate. Donohoe says careful planning and running a budget surplus is preparation enough. Smaller parties Sinn Fein and the Greens, which have enjoyed a bounce in the polls, are calling for more taxes on property and the rich but would keep the 12.5% levy. Labour, while saying it wants the 12.5% rate to be an “effective” rate (not just a headline one), says it’s open to lowering that rate depending on where companies invest.The importance of foreign direct investment to Ireland’s economy explains why far-reaching tax reform hasn’t quite reached the Irish Overton window, even as voters get more exercised about inequality. Ireland’s recent history is dominated by booms and busts: Squeezing a source of national wealth and jobs might seem self-harming. Even the do-gooder (and famously tax-efficient) rock star Bono once said: “Tax competitiveness has brought our country the only prosperity we’ve known.”But there’s something of the boiled frog about Ireland’s stance, where the heat is being turned up so slowly it will only realize what’s happening too late. A structural shift on global tax rules could be accompanied by a worse-than-expected Brexit outcome. The EU has stood by Ireland during the British negotiations, but that may change once they are over: Other member states aren’t thrilled by Dublin’s tax regime.U.S. President Donald Trump might intensify his trade war on the EU, or pressure American companies to bring jobs and cash back home. The tech firms that populate Dublin might face more EU tax and antitrust rulings. The Irish economy is so dependent on U.S. companies that Goodbody Stockbrokers’ economist Dermot O’Leary calls it “the 51st State.”What can be done? Dropping the appeal against the Apple fine and bringing those billions into the state’s coffers would be a start — all parties, not just Sinn Fein, should be advocating this. Taking a proactive part in OECD-led efforts to revamp tax rules would also help. And spending more on skills, education and housing might make Ireland more attractive to investors at home and abroad, regardless of where tax rates go. Clearly, Ireland will always depend heavily on the wider world. Yet that world is finally waking up on fair taxation.(1) This relates specifically to "FDI-assisted jobs,"involvingcompanies that work through Ireland’s FDI agency.To contact the author of this story: Lionel Laurent at email@example.comTo contact the editor responsible for this story: James Boxell at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Lionel Laurent is a Bloomberg Opinion columnist covering Brussels. He previously worked at Reuters and Forbes.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Activist investor Bill Ackman has exited his position in Starbucks Corp., arguing in his annual investor presentation that the company is now “firing on all cylinders” after a successful turnaround.The billionaire said in the presentation Wednesday that Pershing Square Capital Management’s investment in the Seattle-based coffee giant returned 73% over 19 months. Prospective returns could “become more modest,” he said.Starbucks “should continue to generate robust earnings growth through one of the world’s most dominant, attractive and profitable brands,” according to the presentation.Starbucks fell as much as 2% in New York trading Wednesday. The shares were trading at $87.40, down 1.1%, at 12:55 p.m.Starbucks U.S. same-stores sales have surpassed his expectations, with average growth of 5% over the course of Pershing Square’s investment, Ackman said, crediting cold beverage innovation as well as in-store operations. He also highlighted an “impressive” performance in China despite intense competition and bold actions by management to improve investor returns, including share buybacks.Discussing his investment in Agilent Technologies Inc. for the first time, Ackman said the company is undervalued and that his firm built its position at an average cost of $76.58 per share, or a 10% discount to current levels. In November, he said his stake in the life sciences equipment maker amounted to about 8% to 9.5% of Pershing Square’s portfolio, or roughly $665 million at the time. He didn’t disclose the size of the position Wednesday.“We believe Agilent’s current valuation represents a discount to intrinsic value and does not fully reflect the company’s high-quality business model, increasing mix of recurring revenue, strong long-term growth potential and significant margin expansion opportunity,” the presentation states.He said he believes there’s potential for a 800 basis point margin improvement at the company based on its best-in-class peers, and that the company could take on more debt to generate more capital.Pershing Square finished 2019 with its strongest performance on record, reporting a 58% return on its investments. Big gains were made on its investments in Chipotle Mexican Grill Inc., Hilton Worldwide Holdings Inc., Fannie Mae, Freddie Mac and others, it said. The firm had roughly $8.6 billion in assets under management at year end.The first month of 2020 hasn’t been as strong, with the firm reporting a 1.3% decline on investments through Jan. 31, according to its website.(Updates with additional background starting in fourth paragraph)To contact the reporter on this story: Scott Deveau in New York at email@example.comTo contact the editors responsible for this story: Liana Baker at firstname.lastname@example.org, Elizabeth Fournier, Matthew MonksFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg Opinion) -- China’s Luckin Coffee Inc. hasn’t been having much luck lately. The last thing a retail business in the middle of a breakneck expansion needs is a deadly virus that keeps consumers off the streets and away from malls. What could be more damaging? Perhaps an attack by short-sellers branding your business a fraud.Shares in Nasdaq-listed Luckin Coffee plummeted 11% Friday after Carson Block’s Muddy Waters Capital tweeted that it has a short on the stock, citing an unattributed 89-page report it had received that alleged the chain has accounting issues and a broken business model. It could have been worse. Luckin shares were down as much as 27% before rival short-selling firm Citron Research defended the company, saying it was long the stock and the coffee chain’s business in China was “on fire.” Luckin called the allegations “misleading and false” in a filing Monday. Its shares closed 3.5% lower.Whatever the merits or otherwise of the anonymous report — which Muddy Waters said it found credible and Andrew Left’s Citron said would “fall short on accuracy” — Luckin faces serious challenges from the coronavirus, which has caused some cities in China to impose travel restrictions, manufacturers to halt output and the government to extend the Lunar New Year holiday. At the same time, the coffee chain has a couple of key advantages that should enable it to ride out the disruption.First is its delivery model. Unlike Starbucks Corp., which prides itself on its cozy seating areas, Luckin mostly sells coffee for consumption outside. As of the end of June, 2,741 of 2,963 outlets were “pick-up stores.” Just 123 were so-called relax stores where buyers drink on the premises, and the rest were delivery kitchens.In an environment where authorities are telling people to stay at home to avoid spreading the virus, such a business may prove more resilient than one like Starbucks, which sells coffee partly as a social experience. Seattle-based Starbucks has closed more than half its 4,292 outlets(6) in China because of the viral outbreak. Luckin, which overtook Starbucks with 4,500 stores across the country by the end of last year, hasn’t given comparable figures.Second is Luckin’s financial position. Founded less than three years ago, the company has been expanding at a furious pace, almost quadrupling its number of stores from 1,189 in the third quarter of 2018. Such a rapid build-out is financially draining — especially when the company has a strategy of sacrificing profits by offering discounts to lure customers. That makes Luckin’s January fundraising look particularly fortuitous.The coffee chain raised a combined $778 million from an additional share sale and a convertible bond offering, more than the $645 million it took in from its May initial public offering. It sold shares at $42 each. The stock reached a high of $50.02 on Jan. 17, almost triple the IPO price, and has since dropped more than a third to close at $32.49 on Friday.The opportunely timed sale gives Luckin a war chest to survive the hit to consumption from the virus epidemic, which if it follows the same trajectory as the severe acute respiratory syndrome outbreak should be contained by summer.To be sure, there are longer-term concerns hovering over Luckin, particularly the sustainability of a business model that appears to rest largely on offering near-permanent discounts. While the advertised price of Luckin’s coffees is from $3.50 to $4 each, most customers pay as much as 50% less in practice. When the company started selling tea in July, it drew business with a “buy 10 get 10 free” promotion. Luckin’s third-quarter loss widened to 484.9 million yuan ($69 million) from 531.9 million yuan a year earlier.For the time being, though, Luckin looks safe. (Adds Luckin’s statement in the second paragraph.)(1) As of the end of last year.To contact the author of this story: Nisha Gopalan at email@example.comTo contact the editor responsible for this story: Matthew Brooker at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Nisha Gopalan is a Bloomberg Opinion columnist covering deals and banking. She previously worked for the Wall Street Journal and Dow Jones as an editor and a reporter.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Beyond Meat's sizzling shares got even hotter Wednesday after Starbucks said it'll start selling a plant-based breakfast sandwich next week. The Beyond Meat sandwich topped with cheddar cheese and egg on a bun will debut at nearly all its shops in Canada next month. The deal intensifies the already fierce rivalry between Beyond Meat and other plant-based meat producer, including Impossible Foods, Kellogg, Cargill and Nestle- which are competing for restaurant deals and shelf space at supermarkets. Dunkin' Brands expanded its distribution of the Beyond Sausage Sandwich to all its U.S. stores in November. And McDonald's is testing burgers using Beyond Meat patties in Ontario. Since debuting on the Nasdaq in May, Beyond Meat's shares have jumped more than four fold. The deal comes as Starbucks faces intensified competition in the breakfast business. Burger chain Wendy's WILL SOON START serving breakfast at its U.S. outlets Starbucks has been boosting its plant-based offerings, but its tie up with Beyond Meat marks the first time it'll sell any "fake meat" patty made from plants. Starbucks shares Also rose in early trading Wednesday.