
Wise Investors Back Fintech's Vote to Move Listing Out of London
About 85% of shareholders who voted for the proposals approved the measures, according to a regulatory filing on Monday.

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Why Starbucks must start delivering big-time
I have had a checkered history with Starbucks (SBUX). As an analyst during the Howard Schultz CEO era, I would camp out in stores for days studying everything the chain was doing wrong (and right). The stock was always priced for perfection, and I was trying to ensure that clients wouldn't be left holding the bag. My ensuing critical research reports weren't well-received by Starbucks. I still remember Schultz telling me to f*** off at an analyst day. I wasn't amused in the moment by a billionaire's lack of verbal control, but the next morning, I was back to my chipper self. You can't take this stuff personally. More than a decade later, I'm now a journalist with no bones to pick with Starbucks — just one providing context on this important stock. Current Starbucks CEO Brian Niccol is hard to root against. I originally met him at a Taco Bell investor day in New York City, maybe nine years ago. He was a good leader then and a better one today with a successful Chipotle (CMG) turnaround under his belt. The problem is that Starbucks' business isn't yet showing the Niccol magic. You can see the seeds he planted beginning to sprout — service times improving, sales not falling off a cliff, menus streamlining. In the quarter announced this week, the company teased a "wave" of innovation such as protein cold foam coffee, shorter mobile order pickup times, and a potential sale of part of the struggling China business. But again, Niccol's magic beans have barely sprouted green shoots, with Niccol almost one full year into the job. What Starbucks delivered in the quarter: Operating profit margins crashed in every business segment year over year. Overall operating margins plunged 660 basis points from a year ago. US same-store sales fell 2% on the back of a 4% traffic drop. Earnings per share tanked 46% from a year ago. No guidance provided. "Unfortunately, I think there were some choices made before me that really set us back on our ability to create that great customer connection between our barista and customer and provide the type of customer service that the Starbucks brand, frankly, is known for," Niccol told me on Yahoo Finance's Opening Bid (watch above). Some investors are clinging to the positives Niccol noted during the earnings call. They include low double-digit percentage same-store sales growth at college locations, improved transaction trends in the US toward the end of the quarter, and the aforementioned "wave" of menu innovation. Starbucks will also spend $500 million during the next year on increased labor investments — shy of Street whispers of about $1 billion. The company even teased the potential to reach peak operating margins again. But at this point, investors should be questioning when the inflection moment is in Starbucks' business, and what that inflection actually looks like. The turnaround wasn't in the just-completed quarter. It is unlikely to be the current quarter. Then, mix in high tariffs on coffee beans (including a 50% rate on Brazilian imports) and cautious US consumers. The stock has dropped 9% over the past week. But the valuation may still be too caffeinated. Shares trade on a price-to-earnings multiple of 31x forward earnings estimates as investors price in a Niccol-led comeback. That's asking a lot in the economic climate and against the backdrop of competitors like Dutch Bros. (BROS), Luckin (LKNCY), and countless others serving premium coffee. "More questions than answers ahead as investments into the biz stacking up and only some early signs of progress being made so far; we think downside risk is under-appreciated and rate the stock Underperform," Jefferies analyst Andy Barish wrote in a note. I worry Niccol has set the bar too high for short-term results, risking a letdown for hopeful investors if there isn't a clear inflection next quarter. Yahoo Finance's Invest Conference is coming up! Join me and the Yahoo Finance newsroom for our annual Invest conference, taking place in New York City, November 12-13. We just added a couple of new speakers to an already awesome lineup, with more on the way. Learn more about the conference and register today! Trust me, you will want to be in this room ahead of 2026. Brian Sozzi is Yahoo Finance's Executive Editor and a member of Yahoo Finance's editorial leadership team. Follow Sozzi on X @BrianSozzi, Instagram, and LinkedIn. Tips on stories? Email
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Fabrizio Romano confirms Liverpool have sent message to Alexander Isak
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