More than 1,000 Starbucks employees are protesting across the U.S. today
Outside of roughly 100 U.S. locations, thousands of Starbucks Corporation (NASDAQ:SBUX) employees have walked out to strike on Red Cup Day -- one of the coffee giant's most profitable days of the year.
The company is handing out its limited-edition holiday reusable cups, and the collector's items draw in swaths of customers. Starbucks Workers United union representatives say the "Red Cup rebellion" was launched in an effort to secure good faith bargaining for new contracts for employees. Workers are protesting low pay, inconsistent schedules, firings, and store closures, amongst other actions.
The stock is ticking lower ahead of the session's open, and was last seen down 1.3% at $95.81. Should these premarket losses hold, it could put SBUX back beneath pressure at the $96 region, after five-straight closes above this level. Coming into today, Starbucks stock sports a 17% year-to-date deficit, though it's up 12.1% for the month.
Options traders remain firmly bearish. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the stock sports a 50-day put/call volume ratio that sits higher than 91% of readings from the past 12 months. This means options traders are picking up long puts at a much quicker-than-usual clip of late.