Starbucks Directors Scoop Up the Beaten-Down Stock

Starbucks SBUX +0.91% stock is deep in the red so far this year, but two directors have just bought a total of $6 million of shares of the cafe chain. Starbucks (ticker: SBUX) stock has lost a fifth of its market value so far this year. Howard Schultz returned in April as interim CEO, stepping in to lead the company for the third time. He bought $10 million of Starbucks stock in May, the most recent insider purchase stock on the open market until now. Earlier this month, Starbucks named Laxman Narasimhan, CEO of U.K.-based consumer-products company Reckitt Benckiser Group, the maker of Lysol, as its next CEO. Narasimhan won’t assume that title for several months, however, as Schultz mentors him.