Starbucks Sends Tech Lower, Pepsi Shares Fall, Costco Slides
On this episode of Stock Movers: - Starbucks (SBUX) is developing in-house tools with the help of artificial intelligence that could replace some software applications it now buys from companies such as Microsoft (MSFT) and International Business Machines (IBM). Starbucks spends about $400 million a year on software alone, and building in-house software can be cheaper, an incentive for the company, which is looking to cut costs as part of a broader turnaround effort. Shares of Microsoft fell 2.4% and IBM sinking 5.2%. - PepsiCo (PEP) shares are down 2% ahead of the bell after the company…
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