Starbucks shares tumbled 11% to $46.34 Friday morning, leading SP 500 decliners, after the coffee retailer cut its profit target for the current quarter and issued a fiscal 2013 outlook that fell well short of the consensus forecast. Starbucks continues to deal with weak consumer spending at its stores in Western Europe, and more recently, the company said sales are growing at a slower rate in the U.S. Starbucks share drop triggered short sale-related circuit breakers at the Nasdaq Friday. A drop in a stock of more than 10% from its prior-day closing price triggers a restriction on the prices at which securities may be sold short, according to exchange rules. Starbucks shares had hit a 52-week high of $62 in mid-April.
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Starbucks tops S&P 500 decliners on weak forecast