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Shares of Starbucks Corporation (NASDAQ:SBUX) are trading higher on Friday following a WSJ report suggesting Elliott Investment Management has taken a significant stake in the coffee giant.
What’s Going On: Elliott has reportedly been pushing for changes behind the scenes, aiming to address the challenges Starbucks faces. While the exact size of Elliott’s stake and specific demands remain undisclosed, the discussions suggest potential agreements may be reached soon according to The Wall Street Journal.
The company’s recent struggles include increased competition in China, slowing growth in the U.S. and operational challenges such as long wait times and menu-item unavailability.
Earlier this year, Starbucks reported weaker-than-expected quarterly sales and profit last quarter, attributing the slowdown to heightened promotional activities and rising staff wages. For the company’s upcoming third-quarter earnings report on July 30, analysts estimate EPS of 94 cents and revenue to be $9.24 billion.
SBUX Price Action: Starbucks shares were up 6.85% at $79.27 at the time of writing, according to Benzinga Pro.
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Posted In: SBUX
