SBUX - Peter Schiff Slams US Monetary Policies As Starbucks Shares Tumble 13% In Pre-Market: 'Rising Prices...Forcing Their Customers To Cut Back' | Benzinga
Economist Peter Schiff warned that inflation has turned premium coffee and many other goods into a luxury that consumers can no longer afford.
What Happened: On Wednesday, Schiff took to X, formerly Twitter, to comment on the pre-market dip in Starbucks Corporation (NASDAQ:SBUX) shares. The company’s stock fell by 13% following an earnings miss and a cut in its guidance.
“Rising prices, not just for #coffee but everything else, are forcing their customers to cut back. #Inflation means that premium coffee is a luxury that many consumers can no longer afford,” he wrote.
In another post, he pointed out that April was the first month to record a decline since October 2023, with the Dow Jones experiencing its most significant monthly drop since September 2022.
“Tomorrow, Rate Cut #Powell needs to fly to the rescue riding a Great White Dove,” he wrote.
#Starbucks shares are down 13% pre-market, following an earnings miss and reduced guidance. Rising prices, not just for #coffee but everything else, are forcing their customers to cut back. #Inflation means that premium ...