Starbucks Corp SBUX shares closed Thursday down 2.3% at $96.20, marking its lowest closing price of the year. The stock has trended lower since the company’s fiscal second-quarter results and fell through technical support Thursday morning.
What To Know: At the beginning of May, Starbucks beat expectations for the second quarter, but the company maintained a cautious outlook, which has weighed on shares.
On a conference call following the earnings print, Starbucks CFO Rachel Ruggeri reaffirmed the company’s full-year 2023 guidance but noted that sales growth in China is expected to moderate in the second half of the year.
“We’ve already seen it start to moderate,” Ruggeri said, adding Starbucks is “still navigating a rather uncertain environment globally.”
Starbucks shares have been volatile year-to-date, trading as high as $114 and falling below $100 multiple times. The stock fell through support at $97.19 Thursday morning after failing to regain the 200-day SMA over seven straight sessions.
SBUX Price Action: Starbucks shares are now negative for the year, down approximately 3% year-to-date, according to Benzinga Pro.
Photo: Engin Akyurt from Pixabay.