Starbucks (NASDAQ:SBUX) stock can’t seem to catch a break as the coffee chain’s shares have been on a downward trajectory since mid-November.
Investors will note that this has SBUX stock on its longest losing streak in the history of the company. It’s also the worst 11-day period of trading for the stock since it fell 9.5% on June 17, 2022.
Adding to this, shares of SBUX stock look like they’ll close out Tuesday down as well. The company’s shares are slipping nearly 1% as of this writing. That comes as almost 3 million shares change hands, as compared to its daily average of about 7 million shares.
What’s Behind the SBUX Stock Drop?
The problem for Starbucks started when a third-party report showed slowing sales data during November. That has investors worried that the company’s sales are sliding lower even as it heads into the holiday season.
Some analysts are backing this data up by pointing to slowing credit card data at the company as a sign of falling sales. Considering how dependent SBUX stock is on consumer trends, this has some experts worried that it won’t see as large of a comparable sales increase in the holiday quarter as expected.
Falling sales at Starbucks could be due to a few possible things. That includes the tough economy with inflation that could be causing customers to spend less on luxuries. On top of that, the holiday season might be spurring some customers to tighten their budgets for Christmas.
Investors seeking out even more of the most recent stock market stories on Tuesday are in luck!
We have all of the hottest stock market news that traders need to know about today! Among that is what’s going on with shares of Mullen Automotive (NASDAQ:MULN), Ericsson (NASDAQ:ERIC) and Take-Two Interactive (NASDAQ:TTWO) stock today. All of that news is ready at the following links!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
