Starbucks Shares Surge on CEO Change

Starbucks has made a significant change to its iced coffee recipe for the first time in nearly two decades, introducing a new blend of 'sun-dried' Latin American coffee beans. This updated recipe, which debuted on May 7, is aimed at providing a refreshing taste profile with notes of malted milk chocolate and brown-sugar sweetness. Now served unsweetened by default, the iced coffee has garnered mixed reviews. Starbucks shares spiked 20% following the announcement of Brian Niccol, former Chipotle CEO, as its new chief executive, responding to pressure from activist investors. Conversely, Chipotle shares fell by 7.5% due to the leadership change. Additionally, Estee Lauder shares climbed 6.6% in anticipation of positive earnings reports.