Coffee giant Starbucks Corp (NASDAQ:SBUX) saw shares drop 1.26% to US$56.35 after its long-serving executive chairman Howard Schultz is stepping down.
The 64 year old is reportedly leaving the role he has been in for a total of 36 years to pursue philanthropy and public service.
In an interview with the New York Times, Mr Schultz did not rule out running for US president.
"I'll be thinking about a range of options for myself, from philanthropy to public service, but I'm a long way from knowing what the future holds," he said in a letter to employees.
Howard Schultz to step down as Starbucks executive chairman https://t.co/pORrbFM2WR pic.twitter.com/wqmWIubFbT
— Fox News (@FoxNews) 5 June 2018
Elsewhere, Twitter (NYSE:TWTR) shares added 4.36% before the bell at US$39.50 as news emerged that it will replace agriculture behemoth Monsanto in the S&P 500 index .
This will happen before market open on June 7, when German pharmaceutical and life sciences company Bayer wraps up its US$63bn takeover of the seed maker.
Elsewhere in Tuesday's pre-market, Co-Diagnostics Inc (NASDAQ:CODX) shares skyrocketed almost 39% to US$6.16 as it unveiled an advance in its Co-Primer platform technology in multiplex tests for SNP detection.
Last but not least, Portola Pharmaceuticals Inc (NASDAQ:PTLA) shares shed 2.65% to US$39.70 after the biotech firm revealed that chief executive William Lis will retire on August 1, after which he will remain on in an advisory role.
Portola has now named Dr John Curnutte and Mardi Dier as interim co-presidents.