When they're out of Cold Brew by 1pm... That's a bummer. Starbucks thinks it lost a casual $3.1B in sales while you were making 30-cent WFH iced coffees. From mid-March to mid-April, US Starbucks locations were corona-closed, eventually transitioning to drive-thru and delivery only. Your non-existent lunchbreak Starbucks run plunged sales by 40% for the quarter. But Starbs thinks the future is sweeter, so it raised its earnings outlook for this quarter. Caffeinated investors shrugged off the loss and bumped the stock.
Back to Russian ping pong... DraftKings stock plunged 11% for the week after the MLB postponed 2 games due to coronavirus. 12 players and 2 coaches for the Marlins tested COVID-positive, spooking investors on the future of live sports. The sports betting app's stock soared through July as the MLB, NBA, and NHL geared up to restart play. But postponed MLB games show just how fragile live events are in corona-times — not ideal when your whole biz relies on live sports betting.