Is the Starbucks Share Price Turning Around? - Starboard Value Acquires Stake
The shares of the US chain Starbucks suffered heavy losses following the publication of its Q2 figures. With revenue of $8.56 billion and earnings per share (EPS) of $0.68 in Q2, the company fell well short of expectations of $9.16 billion and $0.80 at the time. Starbucks also performed worse than expected in the June quarter. Revenue in the important US and Chinese markets declined, forcing the company to lower its forecasts. Since the beginning of the year, the share price has fallen by more than 20%. However, a turning point could now be imminent....
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Since the beginning of the year, the share price has fallen by more than 20%. However, a turning point could now be imminent. According to a report in the Wall Street Journal, activist investor Starboard Value has acquired a stake in Starbucks and is calling on the company to take action to boost its share price. The international daily cites insider information. The exact size of the stake and Starboard\'s specific demands are currently unknown.
Starboard is known for its investments in various companies and focuses on increasing value for shareholders. The activist investor also has a successful track record in the area of "restaurant investments".
Starbucks is also said to be in talks with Elliott Investment Management to reach an agreement, according to the Wall Street Journal. The newspaper reported that Elliott had built up a significant position in the company and was also pushing for changes.
In an internal meeting obtained by the Wall Street Journal, Starbucks CEO Laxman Narasimhan said after the results were released that the company was looking at possible partnerships in China and asked investors to be patient about restructuring efforts.
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