Two years ago, Starbucks investors were having a lousy day following another depressing set of quarterly results. Two weeks later they had their best day ever. News of Brian Niccol's hiring as chief executive boosted the coffee chain's market value by $20 billion, or more than 25%, overnight. It's a testament to how disillusioned investors had become, but also to the former Chipotle boss's Mr. Fixit reputation.

Now the buzz is wearing off. As Starbucks prepares to report fiscal third-quarter earnings Wednesday, one financial figure looks much better than in July 2024. Global comparable-store sales rose 6.2% in the second quarter, and analysts at UBS think they could have risen about 7% during the third. The same figure was negative 3% in the quarter before Niccol took over.

Meanwhile, the broader chip meltdown worsens, adding pressure on tech-heavy markets. Investors await Starbucks' earnings for signs of sustained momentum under Niccol's leadership.