Starbucks Corporation (NASDAQ:SBUX) was trading mostly flat Wednesday morning, following a number of days when the stock has traded in a tight $5 range between $68.39 and $73.47 in consolidation.
The multinational coffee chain has plunged about 45% from its July 23, 2021 all-time high of $126.32 to reach a 25-month low earlier this month, on May 12. Starbucks has been plagued by the current bear cycle in the general markets as well as continued COVID-19 lockdowns in China, where its sales for the second quarter fell 23%.
