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The recommendation comes just days after proxy advisory firm Institutional Shareholder Services urged shareholders to vote for a board of directors nominated by Marcato.
Schultz said Starbucks has been fortunate never to have attracted an activist investor.
Gains on Wall Street went from negligible to modest on Wednesday after Federal Reserve minutes showed a central bank comfortable with moving rates higher again.
Stocks add to gains Wednesday after Federal Reserve minutes show a central bank comfortable with moving rates higher again.