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Starbucks stock rises after CEO Howard Schultz buys $10 million worth of shares

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Yahoo Finance's Brian Cheung discusses why Starbucks stock is climbing on Friday.

Video transcript

BRIAN CHEUNG: Before we go to break, we just want to point out really quickly that Starbucks is jumping. That's as interim CEO Howard Schultz buys $10 million worth of shares, according to a filing with the SEC. The coffee chain rebounding after closing at its lowest level since April of 2020. Again, you can see shares up about 6% today to $74. And just really quickly, Akiko, I mean, it might not even be the biggest 13D story that we have seen today, but notable definitely that Howard's getting back in there, so.

AKIKO FUJITA: Yeah, 6%.

BRIAN CHEUNG: Well, let's take a look at markets again before we wrap up the show here, as we get closer to the noon hour. Dow Jones up 1 and 1/2%, S&P 500 up 2.3%, NASDAQ up 3.6%. Of course, overall for the week, a down week for sure. So for those trading out there, don't go chasing waterfalls.

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