Starbucks loses $12B market cap amid sales concerns, boycotts over Israel

Published

11 months ago

December 8, 2023

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Starbucks has seen nearly $12 billion erased from its market value during the past month as sales reportedly have slowed amid tighter consumer wallets and growing labor strife — with some even speculating the chain has been hit by boycotts over the Israel-Gaza war.

Investors have grown wary that consumers will splash out on a pricey cup of joe during the holiday season when budgets get tighter, according to Bloomberg, citing sales data from JPMorgan analysts that signaled a material slowing at Starbucks in November.

Despite delivering better-than-expected sales growth of 8% in its fiscal fourth quarter, the coffeehouse’s share price has decelerated on a week-over-week basis, following trends in the snack and coffee industry.

When the markets opened on Monday, Starbucks’ stock dropped 1.6%, declining for a 11th consecutive session in what is the longest losing streak since Starbucks public debut in 1992.

The rout erased 9.4% of Starbucks market value, a decline of nearly $12 billion.

As of early trading hours Thursday, the Seattle-based company’s share price was down roughly 6.5%, to $96.90, on a monthly basis.

When the coffeehouse chain’s share price started to decline, it was putting on its annual Red Cup Day.

The promotional event saw baristas handing out free red-colored, reusable, holiday-themed cups to customers on their coffee purchases on Nov. 16, though the festivities were overshadowed by a walkout.

Hundreds of workers represented by the Workers United union walked off the job on the notoriously busy day — demanding improved staffing and schedules — while non-unionized staffers endured one of the most infamously hard, understaffed days, as drink orders pile up and employees end up on the receiving end of abuse from frustrated customers over long wait times.

The protest was just the latest in Starbucks’ deep-rooted disagreements with the union.

Last month, the two entities filed warring lawsuits over the union’s social media post declaring “Solidarity with Palestine!” in the wake of Hamas deadly attacks.

After Workers United published the controversial statement in a since-deleted post on X last month — where it boasts nearly 100,000 followers — Starbucks swiftly moved to distance itself from the organization.

We unequivocally condemn acts of terrorism, hate and violence, and disagree with the statements and views expressed by Workers United and its members. Workers Uniteds words and actions belong to them, and them alone,” Starbucks said at the time.

The response was interpreted as a display of support for Israel over Palestine, prompting calls for a boycott. Despite Starbucks’ efforts to quell boycott calls, the hashtag #boycottstarbucks is still trending on social media.

According to TikTok’s Creative Center, a database that details user insights, the hashtag has been used in some 16,000 times over the past 30 days, generating a combined 167 million views.

On X, other social media users appear to be cheering Starbucks’ decline.

“I haven’t gone to Starbucks in months due to the boycotts and I am so happy to see less people there too,” a user who goes by Kate wrote.

“WE WON,” another chimed in while a slew of commenters said the slash in market cap was “deserved.”

When The Post reached out to Starbucks for comment, a company spokesperson pointed to a message from its chief partner officer, Sara Kelly, posted on Starbucks’ website last month.

“Starbucks unequivocally condemns acts of hate, terrorism and violence,” Kelly wrote. “As a leadership team, we want to again express our deepest sympathy for those who have been killed, wounded, displaced and impacted following the heinous acts of terror, escalating violence and hate against the innocent in Israel and Gaza.”

Though Starbucks’ total value was down, its store sales at its 35,000-plus locations worldwide rose 8% for its 2023 fiscal year that ended in November.

Earlier this month, Starbucks said it would raise hourly pay for its US retail workers by at least 3% from 2024 after Workers United’s repeated pleas to give baristas an increased hourly base wage.

Staffers affiliated with Workers United which represents Starbucks staffers at 340 Starbucks locations across the US criticized the increase, calling it tone deaf given Starbucks recently-reported increases in revenue and the recent wage hikes won by auto workers.

Meanwhile, one of union’s founding organizers, Jaz Brisack, has previously voiced support for Palestinian terrorist Rasmea Odeh, who was involved in bombings in Jerusalem in 1969 and 1970.

Brisack penned an op-ed in the Daily Mississippian in 2017 that referred to Odeh as a political prisoner.

Odeh was freed by Israel as part of a prisoner exchange in 1980 but arrested in the US in 2013 after illegally entering the country in the 1990s.

She was deported to Jordan in 2017.

Entertainment

Davina McCall out of surgery after operation to remove brain tumour

Published

31 mins ago

November 15, 2024

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Davina McCall out of surgery after operation to remove brain tumour

Davina McCall’s partner has said she is out of surgery after undergoing an operation to remove a brain tumour.

The 57-year-old television presenter had revealed in a video posted on Instagram earlier today she had a benign brain tumour, a colloid cyst, which she described as “very rare”.

She said the chances of having it were “three in a million,” and she had discovered it a few months ago, after a company offered her a health scan in return for giving a menopause talk.

She also announced she would be having the surgery this evening.

Now her partner – hairdresser Michael Douglas – has posted on social media to say the operation went well.

He said: “Hey all. Davina is out of surgery and according to the surgeon it was textbook! She’s currently recovering in ICU as a precaution, as you can imagine she’s utterly exhausted.

“Thanks so much for all the love from everyone on here… it’s powerful stuff, we are super grateful.”

McCall earlier said the tumour’s discovery came as a shock.

She said: “I slightly put my head in the sand for a while, and then I saw quite a few neurosurgeons, I got lots of opinions. I realised that I have to get it taken out.”

McCall described it as “big”, 14mm wide, adding: “It needs to come out, because if it grows it would be bad.”

She explained that she would have it removed via a craniotomy, describing the procedure: “They go through the top of my head here and through the two halves of my brain to the middle.

“They get the cyst, take it out, empty it, and Bob’s your uncle.”

She added before the surgery: “Say a prayer for me, I am in good spirits.”

She said she would be in hospital “for around nine days”, but during her recovery, she would be “off my phone for a while”.

Joking and smiling, she urged fans “not to worry about me”, admitting, “I’m doing that enough!”

She went on to counter that, explaining: “I’m not worrying too much, and I am in a good space, and I have all the faith in the world in my surgeon and his team, and I’m handing the reins over to him. He knows what he’s doing, and I’m going to do the getting better bit after.”

She signed off saying, “see you on the other side”.

What is a benign brain tumour?

According to the NHS website, a benign (non-cancerous) brain tumour is a mass of cells that grows relatively slowly in the brain.

They are unlikely to spread, but are still serious and can be life-threatening.

When successfully removed, a tumour will not usually return at all, but if it cannot be completely removed it may grow back, and so will be monitored using scans or treated with radiotherapy.

Many people return to normal activities following successful surgery, but some are left with persistent problems, such as seizures and difficulties with speech and walking.

Non-cancerous brain tumours are more common in people over the age of 50, and symptoms include headaches, blackouts, behavioural changes and loss of consciousness.

Davina McCall says her tumour is a colloid cyst – which is made up of a gelatinous material. Symptoms can include headache, vertigo, memory deficits, diplopia, behavioural disturbances, and in extreme cases, sudden death.

Celebrity friends were quick to send their support, with stars including Rylan, Alan Carr and Holly Willoughby sending love.

According to the NHS, non-cancerous brain tumours are slow-growing and unlikely to spread, but are still serious and can be life-threatening.

McCall rose to fame presenting on MTV in the mid-1990s, and later on Channel 4’s Streetmate, before becoming a household name as the host of Big Brother from 2000 to 2010.

She’s gone on to present programmes across the networks, and currently presents ITV dating show My Mum, Your Dad.

Last year, McCall was appointed Member of the Order of the British Empire (MBE) in the 2023 Birthday Honours for services to broadcasting.

In recent years, McCall has spoken regularly on women’s health and the effects of menopause in a bid to break taboos around the subject. Her 2022 book, Menopausing, won book of the year at the British Book Awards.

The same year, McCall fronted the Channel 4 documentary Davina McCall: Sex, Mind And The Menopause, and told the BBC that the perimenopausal symptoms caused her difficulties multi-tasking and she considered that she had a brain tumour or Alzheimer’s disease at the time.

The presenter has previously raised money for Cancer Research UK by running for Race For Life in honour of her late sister, Caroline Baday, who died from lung cancer in 2012 at the age of 50.

Married twice, McCall has three children, two daughters and a son, with her second husband, presenter Matthew Robertson.

She has lived with Douglas since 2022, and they present a weekly lifestyle podcast together, Making The Cut.

Entertainment

Stars send best wishes to Davina McCall after presenter reveals rare brain tumour

Published

31 mins ago

November 15, 2024

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Stars send best wishes to Davina McCall after presenter reveals rare brain tumour

Stars have rushed to share their support after Davina McCall revealed she’s undergoing surgery to remove a rare brain tumour.

The presenter shared the news in a short Instagram video, telling fans the benign tumour is called a colloid cyst and is around 14mm wide.

McCall explained it “needed to come out, because if it grows it would be bad,” and described a procedure called a craniotomy which would remove the cyst through the top of her head.

The former Big Brother host said she was “in good spirits,” and would be in hospital “for around nine days” following the procedure.

It’s not clear on which day McCall’s surgery is scheduled, or if she has had the procedure yet.

Quick to share his love with the 57-year-old star, presenter Rylan wrote: “We’re all thinking of you beautiful,” while comedian Alan Carr wrote: “Big love my darling!!”

Ex-This Morning presenter Holly Willoughby wrote: “I’m sending you all the love and then a whole lot more,” and singer Ashley Roberts added: “All the love gorgeous one!! Sending all the healing vibes. Love you!!”

Former Popstars judge and presenter Nicki Chapman wrote: “You and I have chatted about this day… you are in amazing hands with your surgeon and the team. Everyone loves you.

“Thank you for not only being a brave girl but for sharing your condition. You will help sooooo many other people. big hugs. 30-second rule. See you soon N xx.”

Actress and chef Lisa Faulkner wrote: “Sending all my love to you. Best wishes and all positive prayers for a speedy recovery”.

McCall’s current partner, hairdresser Michael Douglas, has said he will be sharing updates from her account while she is “off-grid” and recovering, assuring fans the presenter is “in great shape and in very good hands”.

Other celebrities to share positive thoughts included Stacey Dooley, Donna Air, Helen Skelton, Denise Van Outen and Kimberly Wyatt.

McCall rose to fame presenting on MTV in the mid-1990s, and later on Channel 4’s Streetmate, before becoming a household name as the host of Big Brother from 2000 to 2010.

She’s gone on to present programmes across the networks, and last year was appointed Member of the Order of the British Empire (MBE) in the 2023 Birthday Honours for services to broadcasting.

She has three children with her second husband, presenter Matthew Robertson.

Entertainment

And the host of the Oscars is… Conan O’Brien

Published

31 mins ago

November 15, 2024

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And the host of the Oscars is… Conan O'Brien

Conan O’Brien has been announced as the host of next year’s Oscars.

It’s the Emmy Award-winning comedian’s first time heading up the ceremony, which is Hollywood‘s most high-profile showbiz event.

“America demanded it and now it’s happening: Taco Bell’s new Cheesy Chalupa Supreme. In other news, I’m hosting the Oscars,” O’Brien said in a statement.

He also shared a spoof short video on social media, showing him clasping an Oscar statuette and thanking the Academy for his Oscar, before clarifying he was hosting the show rather than receiving an award.

The 61-year-old TV presenter, writer, producer and comedian is best known for hosting the late-night talk shows Late Night with Conan O’Brien, The Tonight Show with Conan O’Brien and Conan.

Before fronting his own self-named shows, he wrote for the enormously popular US late-night sketch show Saturday Night Live and the long-running satirical cartoon The Simpsons.

Recently fronting a travelogue, Conan O’Brien Must Go, he currently hosts the podcast Conan O’Brien Needs a Friend.

Over his career, he has won five Primetime Emmys and earned 31 nominations for his work.

The last two years of the Oscars were hosted by comedian Jimmy Kimmel, who recently became emotional about Donald Trump’s re-election, and before that Regina Hall, Amy Schumer and Wanda Sykes shared the stage.

Between 2019 and 2021 the Oscars went without a main presenter.

Oscars executive producers Raj Kapoor and Katy Mullan said in a statement: “Conan has all the qualities of a great Oscars host, he is incredibly witty, charismatic and funny and has proven himself to be a master of live event television.

“We are so looking forward to working with him to deliver a fresh, exciting and celebratory show for Hollywood’s biggest night.”