Shares Of Starbucks Drop 13% On Earnings Miss And Weak Outlook

The stock of Starbucks (SBUX) is down 13% after the retail coffee chain reported disappointing quarterly financial results and lowered its forward guidance. The Seattle-based company announced earnings per share (EPS) of $0.68 U.S. compared to $0.79 U.S. that was expected among analysts who cover the company. Revenue in the year’s first quarter totaled $8.56 billion U.S., which missed Wall Street forecasts of $9.13 billion U.S. Sales were down 2% from a year ago.Same-store sales fell 4% as traffic at Starbucks cafes declined 6% in the quarter. Analysts were anticipating same-store sales…

Canada’s Economy Grew 2.5% In The First Quarter

Preliminary data released by Statistics Canada shows that the national economy grew an annualized 2.5% in this year’s first quarter. The quarterly result comes as gross domestic product (GDP) across Canada rose 0.5% in January, 0.2% in February, and was unchanged in March. The monthly GDP figures show a consistent pattern of economic slowdown, reinforcing expectations that the Bank of Canada will lower interest rates in coming months. Although Canada’s economy continues to expand and has avoided a recession, economists say that growth across the country is slowing as high interest rates…