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Something New Is Brewing
Sean H. & Jocelin A.
August 13, 2024 • Estimated Reading Time: 9 minutes
TLDR
MARKET RECAP → Stocks rallied Tuesday, nearing last month’s record highs after the first of two critical U.S. inflation reports was released this week.
STARBUCKS GETS A NEW BREWMASTER → ☕ Starbucks replaced CEO Laxman Narasimhan with Chipotle’s Brian Niccol, boosting shares 21% and signaling a turnaround amid activist investor pressure.
JULY 2024 PRODUCER PRICE INDEX → 📉 Producer prices barely budged in July, up just 0.1%, while annual growth slowed to 2.2%, signaling cooling wholesale inflation pressures.
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TODAY’S TOP NEWS
Starbucks Gets a New Brewmaster
🏢 Leadership Shakeup: Starbucks replaced CEO Laxman Narasimhan with Chipotle chief Brian Niccol, effective September 9. Narasimhan, who served for just over a year, stepped down immediately, with CFO Rachel Ruggeri acting as interim CEO.
📈 Niccol’s Proven Success: Under Niccol’s leadership, Chipotle saw its revenue and stock price soar. Starbucks’ shares jumped 21% on the news, signaling investor optimism about Niccol's potential impact on the company.
🤔 Investor Pressure: The leadership change came amid pressure from activist investor Elliott Management, which has been pushing for improved performance and governance at Starbucks. The company has faced declining sales and stock value, particularly in the U.S. and China.
TODAY’S TOP NEWS
July 2024 Producer Price Index
📉 Slight Uptick in Producer Prices: The Producer Price Index (PPI) for final demand inched up by 0.1% in July, following a 0.2% rise in June. This modest increase matched economists' expectations and indicated a cooling in wholesale inflation pressures.
📊 Year-over-Year Decline: Annually, the headline PPI decelerated to 2.2% from June's revised 2.7%. Core PPI, which excludes food and energy, remained flat for the month, reflecting a significant drop from the previous year's 3.0% growth.
🛒 Sector-Specific Insights: Goods saw mixed results with fresh fruits and melons surging by 10.3% while fresh vegetables dropped by 5.4%. Energy prices rose, with gasoline up 2.8%. Conversely, service sector prices dipped by 0.2%, highlighting varied inflation dynamics across different sectors.
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