Starbucks Worker Strike Pressures Stock, Sparks Retail Chatter
By Stocktwits Inc | First Published Dec 18, 2024, 5:59 PM ISTStarbucks and Workers United have held several discussions at the bargaining table
Shares of Starbucks have come under pressure this week after the barista union Starbucks Workers United said that 98% of union baristas have authorised a strike to seek a better contract, drawing a mixed reaction from retail investors.
Starbucks and Workers United have reportedly held several discussions at the bargaining table, with tentative agreements, the union reportedly said, according to a Bloomberg report.
Retail reaction on Stocktwits has been mixed, with many ‘bearish’ on the stock. Message volume surged 65% on Tuesday, indicating increased attention on the stock.
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The coffee retail giant is navigating a tense period of employee negotiations.
According to a Bloomberg report , many Starbucks corporate employees were said to be receiving only 60% of bonuses for its most recent fiscal year, following the slump in its financial results.
Earlier this week, Starbucks said it plans to more than double the paid parental leave for its US store employees who work an average of 20 hours a week or more. According to a report, birth parents will get 18 weeks of fully paid leave, while non-birth parents are eligible for 12 weeks of leave.
In November, Wells Fargo raised the firm's price target on Starbucks to $115 from $110 with an Overweight rating, The Fly.com reported.
Starbucks stock is down 1.69% year-to-date.
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