Starbucks Shares Dragged Down More After Moody's Downgrade
- Fitch issues own downgrade for long-term issuer default rating
- The coffee giant plans to return more cash to shareholders
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Starbucks Corp. investors, already reeling over the coffee chain’s poor sales forecast for the current quarter, sent the shares even lower after a downgrade by Moody’s Investors Service, which said the outlook for the company is negative.
Starbucks said Tuesday that it will return more cash to shareholders -- about $25 billion in buybacks and dividends through fiscal 2020, representing a $10 billion increase from its previous guidance.