Starbucks Eyes Worst Day Since 2020 After Earnings

Starbucks Corp (NASDAQ:SBUX) stock is down 14.7% to trade at $75.48 at last check, after the coffee chain announced a fiscal second-quarter earnings and revenue miss, and cut its 2024 profit and sales forecast. The company attributed the disappointing results to adverse weather in the U.S., economic volatility in the Middle East, and lower demand in China, but promised new drinks and deals to attract customers.In response, Deutsche Bank downgraded SBUX to "hold" from "buy," and lowered its price objective t ...