• 2 months ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and what Starbucks is doing to protect its coffee supply.

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Sports
Transcript
00:00I'm Conway Gittins reporting from the New York Stock Exchange.
00:02Here's what we're watching on the street today.
00:04Stocks are trying to rebound in the wake
00:06of mixed economic data.
00:08The services sector picked up steam in September,
00:10although the Institute for Supply Management's Employment
00:13Index showed some weakness.
00:15In other signs from the labor market,
00:17weekly jobless claims edged up, but not
00:19enough to cause new worries.
00:22In other news, Starbucks is turning
00:23to farming as a way to limit future price
00:26shocks for coffee drinkers.
00:28The coffee chain is buying two more coffee farms,
00:30one in Costa Rica, the other in Guatemala,
00:32with plans to buy farms in Africa and Asia.
00:36Not only will the farms be used to produce coffee beans
00:39for your cup of morning joe, they
00:40will also be used as research and development sites.
00:43Starbucks is looking for ways to protect coffee crops
00:46from the ravages of climate change
00:48and increase the use of technology
00:50to lower production costs.
00:52The company also plans to study how
00:54it can grow coffee beans in adverse conditions
00:57and different elevations.
00:58Starbucks executive Roberto Vega told CNBC,
01:01it's going to be a learning process.
01:03Quote, we can develop new hybrids,
01:05but the fact that a hybrid works in one country
01:07and under certain conditions doesn't
01:09mean that it's going to be working everywhere.
01:12Starbucks buys 3% of all of the world's coffee production,
01:16and supply shortages lead to higher coffee prices,
01:20which ultimately hits you at the cash register.
01:23In just the past five years, consumer coffee prices
01:26have spiked 18% according to US government data.
01:29Customers have taken notice, leading to a sales
01:32slump at the coffee chain.
01:34That'll do it for your daily briefing from the New York
01:36Stock Exchange.
01:37I'm Conway Gittens with The Street.

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