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Starbucks: Crisis response done right

Quest's Profitable MomentTwo black men were arrested at a Philadelphia Starbucks for...

Posted: Apr 20, 2018 12:22 PM
Updated: Apr 20, 2018 12:22 PM

Quest's Profitable Moment

Two black men were arrested at a Philadelphia Starbucks for doing absolutely nothing. A photograph of the incident was seen around the world.

It was a potential disaster for Starbucks. Recognizing that, CEO Kevin Johnson immediately came out and announced that Starbucks was going to put it right.

He said the store manager had been wrong to call the police. It was wrong to have the men arrested. The only ones not in the wrong were the two men waiting inside the Starbucks.

Not only did Johnson apologize, but he announced that 175,000 Starbucks employees in the United States would undergo unconscious bias training.

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You could say it was a textbook example of how to handle a PR disaster. But it's deeper than that for Starbucks.

If you look at the company's values and mission statements, the CEO was simply practicing what Starbucks preaches.

In trying to put things right, Johnson was making sure the company was living up to its principles.

This is a lesson for every other CEO out there: Don't head for the hills at the first sign of disaster like Facebook and Equifax. Take a sip from Starbucks' cup and face it head-on.

Do what's right. Your investors and your customers will thank you for it.

Big banks are minting money

President Trump has been very kind to America's biggest banks. His corporate tax cut has fueled blockbuster profits. And the recent market mayhem, which Trump played a role in, was good for banks, too. Morgan Stanley and Bank of America reported record earnings this week. And JPMorgan hauled in the biggest quarterly profit by a US bank. Ever. Yet the mega profits haven't impressed shareholders much. They know markets won't be volatile forever. And tax rates won't keep shrinking. The underlying business - lending money - will need to accelerate for banks to sustain the success. - Matt Egan

'Fearless Girl' is moving

The fate of the "Fearless Girl" statue is finally resolved: After spending more than a year staring up at the iconic "Charging Bull," the bronze statue will move to face the New York Stock Exchange by the end of the year. It's not a big change - right now, both "Fearless Girl" and the "Charging Bull" are in a small park a few blocks from Wall Street and the NYSE. But the relocation means that the statue, which has become a beloved symbol of empowerment and the push for gender equality, is ensured a long-term home in Manhattan's financial district. The bull might move, too, though the city hasn't said when or where. - Danielle Wiener-Bronner

Weak dollar is good for big US companies

Trump accused China of playing a currency devaluation game - days after the Treasury Department failed to call out China for currency manipulation. The dollar has lost ground versus the yuan and other currencies this year. That's great for blue chips like Oracle, FedEx and Nike. A weaker dollar makes their products less expensive overseas and lifts the value of international sales once they are translated back into dollars. But how much longer will the greenback stay in the doldrums? More Fed rate hikes should boost the dollar. Trump even said in January the dollar will get "stronger and stronger." - Paul R. La Monica

'Black Panther' comes to Saudi Arabia

Saudi Arabia ended a decades-long ban on movie theaters with a screening of Disney's "Black Panther" this week. The opening of the AMC theater in the Saudi capital of Riyadh is part of an economic overhaul that the kingdom hopes will spur growth and diversification, and reduce its economic dependence on oil. More theaters are expected: Both AMC and Vue International plan to open dozens of cinemas in the coming years. - Jill Disis

Quick takes

St. Louis Fed President James Bullard told Quest on Wednesday he worries that the flattening yield curve means a recession is on its way. Meanwhile, Trump picked a vice chairman and a Fed governor to fill two more empty seats on the Federal Reserve Board.

China introduced a huge import charge on US shipments of sorghum, a grain that is used to feed livestock and make a liquor that's very popular with Chinese drinkers.

Toys "R" Us rejected a $675 million bid for 200 of its remaining 735 US stores. Isaac Larian, the billionaire toymaker behind Bratz dolls and Little Tikes, said he'd keep fighting to buy Toys "R" Us.

Netflix added 7.4 million subscribers in the first three months of 2018, the vast majority of them outside the United States. Netflix now has 125 million subscribers.

Amazon has more than 100 million Amazon Prime subscribers around the world, Jeff Bezos told shareholders in an annual letter. And Amazon is expanding its footprint in physical stores, partnering with Best Buy to sell smart TVs.

What's next

GE's financial report: General Electric will report its first-quarter financial results on Friday, and will hold its annual shareholders meeting on Wednesday. GE faces a mountain of problems, including a ton of debt, a pile of legal troubles, the biggest pension shortfall in the S&P 500 and a cash crunch caused by decades of bad decisions. GE shares are down 20% this year.

Facebook faces investors: Facebook will report earnings on Wednesday, facing Wall Street analysts for the first time since its data privacy scandal erupted in March. CEO Mark Zuckerberg survived his testimony before Congress earlier this month, but analysts could ask tough questions about how Facebook plans to restore customers' trust without angering advertisers.

Indiana Coronavirus Cases

Data is updated nightly.

Cases: 918230

Reported Deaths: 15011
CountyCasesDeaths
Marion1252491952
Lake623371084
Allen52301746
Hamilton43009443
St. Joseph41155584
Elkhart32831485
Vanderburgh29698436
Tippecanoe26442247
Johnson23106414
Hendricks21708338
Porter21255340
Clark16988222
Madison16899378
Vigo15562272
Monroe14186190
LaPorte13961235
Delaware13613215
Howard13531258
Kosciusko11150134
Hancock10534159
Warrick10431174
Bartholomew10233166
Floyd10099202
Wayne9557216
Grant8858194
Morgan8654158
Boone8231109
Dubois7521123
Henry7391126
Dearborn734186
Noble7208100
Marshall7168127
Cass7060117
Lawrence6803150
Jackson638980
Shelby6386106
Gibson5999105
Harrison587984
Huntington586490
Montgomery5663101
DeKalb555691
Knox532999
Miami523183
Clinton522464
Putnam519067
Whitley509851
Steuben480267
Wabash470192
Jasper465760
Jefferson456091
Ripley439074
Adams435565
Daviess4008106
Scott389563
White383457
Decatur376895
Clay376455
Greene375589
Wells375183
Fayette363074
Posey351841
Jennings341756
Washington324046
LaGrange312074
Spencer310734
Fountain306553
Randolph302087
Sullivan294947
Owen275961
Orange269659
Starke268961
Fulton264451
Jay248134
Perry244950
Carroll239926
Franklin229337
Vermillion225850
Rush225530
Parke212020
Tipton205354
Pike200938
Blackford163834
Pulaski155250
Crawford140818
Benton138316
Newton138141
Brown130646
Martin124416
Switzerland122310
Warren112616
Union92211
Ohio75811
Unassigned0461

Ohio Coronavirus Cases

Data is updated nightly.

Cases: 1319265

Reported Deaths: 21265
CountyCasesDeaths
Franklin1480641537
Cuyahoga1311202313
Hamilton948871307
Montgomery647451122
Summit548531041
Lucas49502853
Butler45993649
Stark39954963
Lorain30438525
Warren29170326
Mahoning25988629
Clermont24726278
Lake24088411
Delaware21722140
Licking19822239
Fairfield19780218
Greene19671266
Medina19208285
Trumbull19195506
Clark17188321
Portage15585224
Richland15540228
Wood15187208
Allen13654254
Miami13283244
Muskingum11821148
Wayne11448234
Columbiana11100239
Tuscarawas10388264
Marion10273144
Pickaway10162128
Scioto9766124
Erie9479170
Ross8979172
Lawrence8225116
Hancock8105140
Ashtabula8083184
Geauga7976155
Belmont7791183
Jefferson7093168
Huron7087125
Union703549
Washington6823116
Athens666163
Sandusky6608132
Darke6394135
Knox6308120
Seneca6113135
Auglaize569888
Ashland5631110
Shelby555799
Mercer545188
Brown533067
Defiance5278100
Madison527368
Crawford5148113
Highland514876
Fulton508781
Clinton505379
Logan494582
Preble4788110
Putnam4733106
Guernsey439057
Williams437281
Champaign426463
Ottawa425783
Perry414051
Jackson402259
Pike367140
Morrow359149
Fayette353951
Coshocton345064
Hardin341868
Adams338864
Gallia329254
Holmes3148107
Henry312668
Van Wert299269
Hocking280467
Wyandot271858
Carroll250451
Paulding231742
Meigs197842
Monroe178649
Noble160340
Morgan153528
Harrison145740
Vinton130217
Unassigned05
Fort Wayne
Partly Cloudy
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Hi: 81° Lo: 54°
Feels Like: 54°
Angola
Clear
51° wxIcon
Hi: 79° Lo: 55°
Feels Like: 51°
Huntington
Partly Cloudy
53° wxIcon
Hi: 80° Lo: 52°
Feels Like: 53°
Decatur
Partly Cloudy
54° wxIcon
Hi: 81° Lo: 53°
Feels Like: 54°
Van Wert
Partly Cloudy
54° wxIcon
Hi: 81° Lo: 53°
Feels Like: 54°
An area of high pressure will pave the way to plenty of sunshine as we round out the work week.
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