Starbucks Stock Sees Longest Losing Streak Ever Amid Boycotts Over Israel, Palestine War

Starbucks Corp’s SBUX stock moved higher on Wednesday, breaking a 13-day losing streak for the stock — its longest since the coffee giant hit the public markets in 1992.

What Happened: The slight uptick comes as JPMorgan Chase analysts noted that the coffee chain suffered a “material decline” in sales throughout November.

The apparent drop in sales comes amid boycott calls on social media apps regarding the company’s alleged support of Israel in the country’s recent conflict with Palestine.

Shortly after Hamas’s Oct. 7 attacks on Israel, the Starbucks Union put out a statement in support of Palestine.

Starbucks responded by suing the union. This drew the ire of social media users, many of whom made videos about why people should consider boycotting the company.

Videos using the hashtag #boycottStarbucks have been viewed more than 50 million times on TikTok, according to NBC News.

The Starbucks Workers United union also held a walkout on Starbucks’ red-cup giveaway day, one of the company’s biggest annual promotions. Customers receive a red, reusable cup when they purchase a Starbucks holiday drink. Workers at more than 200 stores protested, according to the New York Times.

Price Action: Shares of Starbucks have gotten beaten down in the last few weeks, with the company shedding more than $10 billion in market cap. Since Nov. 17, the stock is down more than 10%. But, Wednesday’s price action could be a sign that investors see this decline as a buying opportunity.

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