Cash registers at a number of Starbucks stores in Canada and the United States reportedly went off-line for a few hours on May 16th due to a software update glitch, which caused stores only to accept cash or to offer coffee free-of-charge. The exact number of stores affected has not been disclosed.
Starbucks shares registered their largest daily loss since April 28th during Tuesdays session. The stock went down 0.78% ($0.47) to $59.98, after touching an intraday high at $60.70, or a price level not seen since May 10th ($60.98). In the week ended on May 14th the shares of the coffee chain lost 1.67% of their market value compared to a week ago, which marked the fourth drop in the past six weeks and also the worst performance since the week ended on March 12th. The stock has neutralized earlier gains and is now down 0.13% so far during the current month, following a 2.86% surge in April. The latter has been a third consecutive month of gains. For the entire past year, the shares of the NASDAQ-listed retailer lost 7.51%.
According to Madeleine Löwenborg-Frick, a spokesperson for Starbucks Corporation, the majority of affected stores went back on-line during late Tuesday afternoon, while the remainder were expected to do so soon. Löwenborg-Frick said that a problem during the installation of a routine overnight software update had caused the glitch.
According to the company representative, the situation was not related to the “WannaCry” ransom-ware attack, which struck over 300 000 computers around the globe.
According to CNN Money, the 28 analysts, offering 12-month forecasts regarding Starbucks Corporation’s stock price, have a median target of $66.00, with a high estimate of $71.00 and a low estimate of $52.00. The median estimate is a 10.04% surge compared to the closing price of $59.98 on May 16th.
The same media also reported that 22 out of 33 surveyed investment analysts had rated Starbucks Corporation’s stock as “Buy”, while 9 – as “Hold”.
Daily and Weekly Pivot Levels
With the help of the Camarilla calculation method, todays levels of importance for the Starbucks stock are presented as follows:
R1 – $60.06
R2 – $60.13
R3 (Range Resistance – Sell) – $60.21
R4 (Long Breakout) – $60.43
R5 (Breakout Target 1) – $60.69
R6 (Breakout Target 2) – $60.80
S1 – $59.90
S2 – $59.83
S3 (Range Support – Buy) – $59.75
S4 (Short Breakout) – $59.53
S5 (Breakout Target 1) – $59.27
S6 (Breakout Target 2) – $59.16
By using the traditional method of calculation, the weekly levels of importance for Starbucks Corporation (SBUX) are presented as follows:
Central Pivot Point – $60.28
R1 – $60.73
R2 – $61.53
R3 – $61.98
R4 – $62.43
S1 – $59.48
S2 – $59.03
S3 – $58.23
S4 – $57.43
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