{"id":88931,"date":"2024-09-11T12:01:01","date_gmt":"2024-09-11T16:01:01","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/trading\/elliott-gets-a-new-ceo-at-starbucks-and-higher-share-prices\/"},"modified":"2024-09-11T12:01:01","modified_gmt":"2024-09-11T16:01:01","slug":"elliott-gets-a-new-ceo-at-starbucks-and-higher-share-prices","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/trading\/elliott-gets-a-new-ceo-at-starbucks-and-higher-share-prices\/","title":{"rendered":"Elliott gets a new CEO at Starbucks \u2013 and higher share prices"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-69fe87f7dac0b]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-69fe87f7dac0b'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--valign-bottom\"\n    style=\"\"\n    >\n    <p>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/trading\/\" rel=\"category tag\">\n                    Trading\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Elliott gets a new CEO at Starbucks \u2013 and higher share prices<\/h1>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-69fe87f7e6861'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Bloomberg Professional Services<\/strong><\/p>\n\n<\/div>\n    <p class=\"bbg-metadata bbg-metadata--date\">September 11, 2024<\/p>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-69fe87f7eb81a'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><span style=\"font-weight: 400\">Background<\/span><\/h2>\n<p><span style=\"font-weight: 400\">When Brian Niccol took the helm at Starbucks Corp. on Sept. 9, shares jumped 24% on the news.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Why such high hopes? Niccol previously served as CEO of Chipotle Mexican Grill Inc. and oversaw roughly 40% in annualized returns \u2014 while competitors generated roughly 2% gains.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The leadership shake-up came in response to several quarters of slumping sales for Starbucks as demand declined, particularly in the U.S. and China. The appointment is seen as part of a<\/span><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-09-09\/new-starbucks-ceo-brian-niccol-starts-with-long-to-do-list\"><span style=\"font-weight: 400\"> broader activist campaign<\/span><\/a><span style=\"font-weight: 400\"> from Paul Elliott Singer\u2019s Elliott Investment Management LP.\u00a0 <\/span><\/p>\n\n<\/div>\n<div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground:rgba(0,0,0,0);\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:inherit;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Discover more with Bloomberg newsletters<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Subscribe now<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_2368826499848098424\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/insights\/newsletter\/\"\n        target=\"_blank\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-69fe87f7f0bd0'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><span style=\"font-weight: 400\">The issue<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Elliott Investment began targeting Starbucks in mid-July and played a role in<\/span><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-08-13\/new-starbucks-dream-ceo-swings-30-billion-in-market-value\"><span style=\"font-weight: 400\"> the August 13 selection of Niccols<\/span><\/a><span style=\"font-weight: 400\">. The firm has a proven track record, including a 217.9% gain from its investment in Arconic Inc. during 2016-23.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Analysts also appear to be willing to give Niccol a bit of runway, with Bloomberg Intelligence\u2019s\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Michael Halen saying that hiring \u201carguably the top public restaurant CEO\u201d in the US is a \u201cno-brainer.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, options traders appear to be betting against Starbucks in the short term. A\u00a0 2.15 put\/call ratio shows a bearish bias.<\/span><\/p>\n<p><span style=\"font-weight: 400\">So will Elliott\u2019s bet likely pay off?<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Tracking<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Use Bloomberg\u2019s BI ACT to analyze securities and track activist investor campaigns. Run SBUX US Equity GP RCMND to see the Recommendation Ratio study for Starbucks.<\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"518\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/starbucks5.jpg\" class=\"bbg-single-image__image attachment-large\" alt=\"Starbucks performance\" title=\"starbucks5\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/starbucks5.jpg 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/starbucks5.jpg 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/starbucks5.jpg 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/starbucks5.jpg 873w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><i><span style=\"font-weight: 400\">For more information on this or other functionality on the Bloomberg Professional Service, click here to request a demo with a Bloomberg sales representative. Existing clients can press &lt;HELP HELP&gt; on their Bloomberg keyboard.<\/span><\/i><\/p>\n\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-69fe87f803dcd]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-69fe87f803dcd'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Recommended for you<\/h2>\n\n<\/div>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div><script>\n    window.feed = window.feed || {};\n    window.feed['69fe87f80b496'] = 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news.<\/p>\n","protected":false},"author":1679,"featured_media":88970,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-article.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"444","footnotes":""},"categories":[453,444],"tags":[451,483],"series":[],"class_list":["post-88931","post","type-post","status-publish","format-standard","hentry","category-markets","category-trading","tag-corporations","tag-investor-relations","type-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Elliott gets a new CEO at Starbucks \u2013 and higher share prices | Insights | Bloomberg Professional Services<\/title>\n<meta name=\"description\" content=\"When Brian Niccol took the helm at Starbucks Corp. on Sept. 9, shares jumped 24% on the news.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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