Starbucks Corp. (NASDAQ: SBUX) shares opened markedly lower on Wednesday after the coffee chain slashed its 2020 adjusted earnings growth forecast.
During an earlier presentation, the company said that it expects its profit to fall below its ongoing growth model of 10% or more. Its earlier outlook was for growth of at least 13%.
On the signal that its profit growth will start to slow, its shares sunk to a level not seen in seven months.
It was the hardest hit stock on the Nasdaq 100 and this news comes ahead of the Goldman Sachs Global Retailing Conference in New York.
Its shares lost 3.5% to $93.40 in premarket trading and fell as low as $93.03.