Starbucks has been under pressure for awhile. Following two quarters of consecutive declines in sales and a stock price that dropped nearly 30 percent in six months, the board of directors decided this summer to abruptly replace its then-chief executive, Laxman Narasimhan.

Starbucks (NASDAQ:SBUX) shares fell Wednesday after the company reported preliminary results for its fourth quarter, posting declines in same-store sales, net revenue, and profit, driven by weaker demand in the US.

Starbucks shares sold off premarket after world's largest coffee chain missed earnings and sales expectations and suspended annual financial guidance. Read more:

Good morning. Starbucks sales slumped again, sending its share price lower. China’s electric vehicle exports to Europe soar ahead of incoming levies. And Louis Vuitton put a twist on its handbag for women on the go.