US Stock Market Move | Cutting a portion of its workforce, Starbucks Corporation (SBUX.US) rose more than 3%.

On Tuesday, Starbucks Corporation (SBUX.US) rose more than 3% to $98.02. In terms of news, Starbucks Corporation announced that it will be cutting some of its corporate positions, but barista and other positions within the stores will be preserved. The CEO, Brian Niccol, stated in a memo that the announcement of layoffs will be made in early March, emphasizing that it will not affect investment within the stores. However, he declined to disclose how many positions will be cut and in which areas. He mentioned that the current scale and structure may be slowing down the pace due to too many levels of management and positions focused on coordinating work within small teams.