Investing.com -- Starbucks jumped late into the close Friday after the Wall Street Journal reported that activist fund Elliott Investment Management has taken a sizeable stake in the coffee chain. Starbucks Corporation (NASDAQ: ) closed up 6.9% Friday, but is nursing losses of about 15% year to date. But the size of Elliott’s stake as well as other demands including whether the activity fund is seeking seats on Starbucks' board couldn’t be determined, the report added. The risk of another slash to guidance is unlikely, Wedbush added, though cautioned that "2025 visibility remains very limited." Investors are likely to be eager for a further update on performance when Starbucks report fiscal third-quarter results due July 30.

Source: Wall Street Journal July 20, 2024 08:01 UTC