American coffee giant Starbucks Corp (NASDAQ:SBUX) saw shares froth up a bit in pre-market trade in New York as it it revealed it was planning jobs lay-offs.
It comes days after another well-known US firm - Wells Fargo (NYSE:WFC) - revealed that up to 10%, or as many as 26,500 jobs would be culled over the next three years.
Starbucks will make reportedly "significant changes" to its structure that could include layoffs, according to an internal memo sent to employees by chief executive Kevin Johnson.
The firm has had to scale back its store growth and close a number of underperforming company-owned cafes in densely populated areas.
Starbucks usually closes about 50 stores each year, but expects to close about 150 next year.
Shares added 0.26% to $56.84 in pre-market.
Also on Tuesday, Michael Kors Holdings Ltd (NYSE:KORS) shares are up 1.4% after dipping over 2% before the New York bell to $67.65 as traders appeared to have mixed views about its $2.1 billion takeover of Versace, which emerged yesterday.
On closing the deal, handbag firm Kors will change its name to Capri Holdings, the company said on Tuesday, as it ventures into the luxury European market.
Donatella Versace, who has helped run the company since her brother Gianni was assassinated in Miami in 1997, will stay on to oversee the brand.
Kors, based in London, bought luxury shoemaker Jimmy Choo Plc for around £896 million pounds ($1.2 billion)
Social media behemoth Facebook (NASDAQ:FB) shares sank 2.3% to $161.57 before the New York bell as it received a blow as the co-founders of Instagram announced they are quitting the firm.
Kevin Systrom, chief executive at Instagram, and Mike Krieger, the chief technical officer, will step down from Instagram in the next few weeks to venture into new "things", it was reported. Bloomberg reported there had been tensions with Facebook' chief executive Mark Zuckerberg
Instagram was bought by Facebook six years ago for $1 billion.
Also in pre-market news, and turning to the other end of the spectrum, pharma minnow Jaguar Health Inc (NASDAQ:JAGX) shot up over 50% in before-the-bell deals to $1.09.
It came after it struck a distribution, license and supply agreement with Canada firm Knight therapeutics for Mytesi - an antidiarrheal for the symptomatic relief of noninfectious diarrhea in adult patients with HIV/AIDS on antiretroviral therapy (ART).
-- updated with share price movement --