Monday, May 21, 2018

Starbucks Changes Its Customer Policies After Furor Over Arrests

Starbucks Corp. is revamping its customer policies following the arrests of two black men at a Philadelphia cafe last month.

Anyone can now sit in a Starbucks store or patio or use the bathroom without buying anything, the company said in a statement on its website. Yet, certain behaviors such as smoking, drinking alcohol and sleeping aren’t allowed. If there’s an immediate threat of danger, such as the use of illegal drugs or physical assault, staff should call 911, the company said in an employee guide.

“We are committed to creating a culture of warmth and belonging where everyone is welcome,” Seattle-based Starbucks said.

On May 29, Starbucks is closing its 8,000 company-operated U.S. locations for racial-bias training after public outcry over the Philadelphia incident. In April, a Starbucks manager summoned the police after the two men waited without ordering. Chief Executive Officer Kevin Johnson apologized for the arrests and called them a “reprehensible outcome.”

While anyone can now hang out at Starbucks without paying for a latte or scone, the coffee chain is asking customers to still use the spaces as intended, communicate respectfully, act responsibly and be considerate of others. The chain said disruptive behavior includes unreasonable noise, improper use of restrooms and panhandling.

The policy statement comes less than two weeks after Chairman Howard Schultz said that Starbucks bathrooms would be open to people, whether or not they place an order.

“We don’t want to become a public bathroom, but we’re going to make the right decision 100 percent of the time and give people the key,” Schultz said May 10 at the Atlantic Council in Washington.

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Sunday, May 20, 2018

Mid-Morning Market Update: Markets Mixed; Deere Misses Q2 Estimates

Following the market opening Friday, the Dow traded up 0.19 percent to 24,761.35 while the NASDAQ declined 0.18 percent to 7,369.13. The S&P also fell, dropping 0.08 percent to 2,717.89.

Leading and Lagging Sectors

Friday morning, the industrial shares rose 0.42 percent. Meanwhile, top gainers in the sector included Deere & Company (NYSE: DE), up 5 percent, and American Woodmark Corporation (NASDAQ: AMWD) up 3 percent.

In trading on Friday, consumer staples shares fell 0.93 percent.

Top Headline

Deere & Company (NYSE: DE) reported weaker-than-expected results for its second quarter.

Deere said it earned $3.14 per share in the first quarter on net sales from equipment operations of $9.747 billion versus Wall Street's estimate of $3.29 per share on revenue of $9.83 billion.

Deere projects Q3 equipment sales to rise 35 percent and FY18 equipment sales to increase 30 percent.

Equities Trading UP

Mannatech, Incorporated (NASDAQ: MTEX) shares shot up 24 percent to $19.70 after the company reported commencement of modified Dutch auction cash tender for up to $16 million of common stock.

Shares of Quotient Limited (NASDAQ: QTNT) got a boost, shooting up 19 percent to $5.56 following commencement of EU blood grouping field trial.

Dover Downs Gaming & Entertainment, Inc. (NYSE: DDE) shares were also up, gaining 14 percent to $2.2999. The stock spiked more than 14 percent Thursday near the close as traders circulate word the Delaware lottery is planning to introduce full sports betting in June.

Equities Trading DOWN

Agile Therapeutics, Inc. (NASDAQ: AGRX) shares dropped 76 percent to $0.6007 after the FDA announced significant concerns regarding the adhesion of Twirla.

Shares of Campbell Soup Company (NYSE: CPB) were down 11 percent to $34.85. Campbell Soup reported upbeat Q3 earnings, but sales missed estimates. The company also lowered its FY18 outlook.

Applied Materials, Inc. (NASDAQ: AMAT) was down, falling around 10 percent to $48.57. Applied Materials reported stronger-than-expected results for its second quarter, but issued weak sales outlook for the third quarter.

Commodities

In commodity news, oil traded up 0.11 percent to $71.57 while gold traded down 0.19 percent to $1,287.00.

Silver traded down 0.25 percent Friday to $16.44, while copper fell 0.74 to $3.066.

Eurozone

European shares were mostly lower today. The eurozone’s STOXX 600 declined 0.14 percent, the Spanish Ibex Index fell 0.66 percent, while Italy’s FTSE MIB Index dropped 1.32 percent. Meanwhile the German DAX fell 0.12 percent, and the French CAC 40 rose 0.01 percent while U.K. shares fell 0.27 percent.

Economics

The Baker Hughes North American rig count report for the latest week will be released at 1:00 p.m. ET.