Welcome back. Starbucks workers in dozens of cities launching a strike today on one of the most important days of the year for the company. Kate Rogers has that story for us. Morning, Kate. Good morning, Sarah. Workers United has launched its strike today at more than 65 stores in over 40 cities after the two sides failed to reach a collective bargaining agreement. The timing is significant. It's Red Cup Day and one of Starbucks busiest days of the holiday season. The union says more than a thousand workers ...

Core Insights - Starbucks Corp. reported disappointing quarterly results, leading to initial stock rally followed by a sell-off, indicating underlying issues with performance under new CEO Brian Niccol [1] Financial Performance - Same-store sales remained flat in the U.S., which is a decline compared to the previous year's drop [2] - Earnings per share plummeted from $0.80 to $0.12, while revenue increased by 5% to $9.57 billion [3] - Starbucks closed 627 stores, predominantly in North America, bringing the global total to 40,990 [3] Strategic Initiatives - CEO Niccol implemented several changes, including standardizing U.S. uniforms, reducing white-collar staff, and streamlining the menu to enhance service speed, though the effectiveness of these measures is unproven [4] - Niccol emphasized the "Back to Starbucks" strategy, claiming progress, yet flat U.S. comparable sales do not reflect a turnaround [5] Market Reaction - The stock price has decreased by 14% over the past year, contrasting with an 18% increase in the broader market, indicating a lack of confidence in Niccol's vision and results [5]