Starbucks Corp (NASDAQ:SBUX) shares are trading lower Monday morning after the company announced it would suspend its stock buyback program.
Monday marks the return of founder Howard Schultz as CEO and a director on the company’s board. In a letter to the company, Shultz shared his vision for Starbucks moving forward.
Shultz also announced that Starbucks will suspend its stock repurchasing program, effective immediately.
"This decision will allow us to invest more into our people and our stores — the only way to create long-term value for all stakeholders," Shultz said.
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SBUX 52-Week Range: $78.92 - $126.32
The stock was down 4.09% at $87.78 at time of publication.
Photo: Engin_Akyurt from Pixabay.
