Transcript:
Conway Gittens: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Stocks are trying to rebound in the wake of mixed economic data. The services sector picked up steam in September, although the Institute for Supply Management’s employment index showed some weakness. In other signs from the labor market, weekly jobless claims edged up but not enough to cause new worries.
Related: Starbucks CEO has tough words for employees on return to office
In other news - Starbucks is turning to farming as a way to limit future price shocks for coffee drinkers. The coffee chain is buying two more coffee farms: one in Costa Rica, the other in Guatemala; with plans to buy farms in Africa and Asia.
Not only will the farms be used to produce coffee beans for your cup of Morning Joe, they will also be used as research and development sites. Starbucks is looking for ways to protect coffee crops from the ravages of climate change and increase the use of technology to lower production costs.
The company also plans to study how it can grow coffee beans in adverse conditions and different elevations. Starbucks executive Roberto Vega told CNBC it’s going to be a learning process. “We can develop new hybrids, but the fact that a hybrid works in one country and under certain conditions doesn’t mean that it’s going to be working everywhere.”
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Starbucks buys 3 percent of all of the world’s coffee production and supply shortages lead to higher coffee prices, which ultimately hits you at the cash register. In just the past five years, consumer coffee prices have spiked 18 percent, according to U.S. government data. Customers have taken notice - leading to a sales slump at the coffee chain.
That’ll do it for your Daily Briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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