Starbucks is no longer requiring its U.S. workers to be vaccinated against COVID-19, reversing a policy it announced earlier this month.
In a memo sent Tuesday to employees, the Seattle coffee giant said it was responding to last week’s ruling by the U.S. Supreme Court. In a 6-3 vote, the court rejected the Biden administration’s plan to require vaccines or regular COVID testing at companies with more than 100 workers.
“We respect the court’s ruling and will comply,” Starbucks Chief Operating Officer John Culver wrote in the memo.
Starbucks’ reversal is among the most high-profile corporate actions in response to the Supreme Court ruling. Many other big companies, including Target, have been mum on their plans.
On Jan. 3, Starbucks said it would require all employees to be vaccinated by Feb. 9 or face a weekly COVID test requirement. At the time, Culver said it was the responsibility of Starbucks’ leadership “to do whatever we can to help keep you safe and create the safest work environment possible.”
In Tuesday’s memo, Culver said the company continues to strongly encourage vaccinations and booster shots. The company also told workers on Tuesday that they shouldn’t wear cloth masks to work, and should instead use medical-grade surgical masks.
Starbucks required workers to reveal their vaccination status by Jan. 10. The company said Wednesday that 90% have reported and the “vast majority” are fully vaccinated. Starbucks wouldn’t say what percent of workers are not fully vaccinated.
Starbucks employs 228,000 people in the U.S.
7 Growth Stocks to Buy as the Market Slumps
At times of volatility, it can be hard for even experienced investors to stay the course. Yet over time, stocks have consistently increased in value. And growth stocks tend to be among the ones that show the largest gains. Growth stocks are companies that analysts believe will grow at a rate that is significantly above the market average.
These stocks are also characterized by companies that invest a significant portion of its profits back into its business in order to accelerate growth. This is opposed to value stocks that make returning a portion of its profits to shareholders a priority. This typically occurs in the form of a dividend.
One misconception of growth stocks is that they have a high correlation with the market. It’s true that when the market is moving higher, these stocks tend to outperform. However, when the market is moving lower, these stocks sometimes perform better.
So why should you consider buying growth stocks now? The reason is this. In many cases, the company’s underlying fundamentals are still positive, but the sentiment has changed. And that means it’s a good time to buy these stocks on sale.
View the “7 Growth Stocks to Buy as the Market Slumps”.