Today Starbucks announced that it's COO will be taking an unpaid leave of absence.
NEW YORK (AP) -- Starbucks says its chief operating officer, Troy Alstead, is taking an "extended unpaid leave" after 23 years with the company.
The Seattle-based coffee chain said it would provide more details on its transition plan during its quarterly earnings call slated for Jan. 22. Alstead's last day will be March 1, the company said.
At the time of this post, SBUX shares are down an even 2%. This is a fantastic example of why I am not a fan of individual stock picking. No amount of balance sheet analysis, listening to quarterly earnings conferences, or pouring over technical details would have protected an investor from this news event.
Conversely, the active index trader finds this news nothing more than just an interesting story and, in my case, is patiently sitting on the sidelines waiting for a well defined entry point into a leveraged index ETF.