Why Starbucks Traded Lower Today
Starbucks Corporation (NASDAQ:SBUX) shares closed lower by 2.93% at $109.79 after hedge fund manager Bill Ackman sold Starbucks shares for Domino's Pizza, Inc. (NYSE:DPZ) shares. Weakness is also related to overall market weakness as inflationary pressures weigh on stocks.
Starbucks is one of the most widely recognized restaurant brands in the world, operating 32,900 stores across 83 countries as of December 2020. Starbucks primarily generates revenue from company-operated stores, with additional sales coming from royalties, sales of equipment and products to license partners, ready-to-drink beverages, fresh coffee and single-serve coffee products.
See also: How to Buy Starbucks Stock
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