Oh for the love of all that is holy! The National Organization for Marriage is so desperate to show that they are having an effect on Starbucks that they have had to flat out lie about it in order to actually seem like they have done anything. NOM recently posted on their blog this:
On March 21, 2012, the date of the Starbucks annual meeting where I queried them on their corporate support for same-sex marriage, their stock closed at a price of $53.81. This past Friday their stock closed at $51.97.
This is down from a high of $61.67 that they reached in April of 2012.
It takes a little time to make an impact when your target company has over $11.5 billion in sales.
With over 750 million shares outstanding, this drop in stock price since their annual meeting equals a loss of almost $1.4 billion in shareholder value. This drop in value comes at a time when coffee prices, a major factor in Starbucks’ business expenses, are dropping.
Starbucks stock could bounce back today, and without a doubt, at nearly $62 a share, it was overvalued and our protest was only part of the equation.
No, your protest was none of the equation. Let us start with the fact that Starbucks announced in April that they had seen a huge uptick in global sales. That tends to drive the stock value up. Starbucks hit its high of $61.67 on 13 April, just after news broke of rising profits, and as of closing today, they were at $52.39. That is a loss of 15.05%. Here’s the thing, though. Starbucks was below that. On 13 June, they had gone down to $51.27. So, Starbuck’s stock has risen since they made their huge announcement in April. That’s pretty normal for the market.
Add into that, the NASDAQ has lost in the same period about 2.65% of its value, one has to wonder if this is just normal trading. In fact, it is. None of these factors have to do with the failed protest from NOM. So, yes, their stock value is going to have gone down.
Now, take a gander at this chart:
That would be Starbuck’s stock performance for the year. As you can see, April is pretty much a major spike in the value of the stock and it goes down after that, but before that, it was as low as the $40 range. So…yeah, welcome to Stock Market 101 NOM. You have had less of an effect on Starbucks’ profits and stock value than a fly’s fart has in adding to a tornado.
The thing is, if you constantly have to lie about what you are doing, doesn’t that say something about just how ineffectual and rotten you guys really are?