Starbucks Keeps Schultz On
Shares in US coffeehouse-titan, Starbucks, are trading a little higher ahead of the open today. The company announced today that interim CEO Howard Schultz will remain in-place until March 20223 while the company searches for a new CEO. Starbucks is aiming to find a replacement by fall but will keep Schultz on during the transition phase.
The company recently reported weaker-than-expected first quarter earnings. EPS came in at $0-.58 vs $0.60 expected while revenues were seen higher than expected at $7.63 billion vs $7.61 billion. This marks the second consecutive set of weaker-than-expected earnings and comes amidst a more than 40% plunge in Starbucks shares over the last two quarters.
Technical Views
Starbucks
Starbucks shares have recently found a base of support at the 69.01 level with the rebound higher seeing price breaking above the bearish channel from YTD highs. The stock is now testing the 79.18 level resistance and, with both MACD and RSI bullish, the focus is on a break higher here with a move above the level opening the way for a run up to the 92.19 level next. To the downside, 69.01 remains the key support to note.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.