Wall Street stocks suffer from Arab boycott campaign

Fatma Salah
3 Min Read

The Arab boycott campaign against companies that support the Israeli occupation has had a negative impact on the stock prices of some of the biggest Wall Street firms. Daily News Egypt analysed how the campaign, which started on 10 October among social media users, affected the shares of companies that have franchises in Arab countries or make large donations to Israel. Some of these companies have tried to distance themselves from their parent companies and claim to be independent.

The boycott campaign has hit hard the shares of PepsiCo, which owns brands such as Pepsi, Chipsy, Dunkin’ Donuts, and others. PepsiCo shares dropped to their lowest level since November 2021 on 12 October, reaching $157.9 per share. They were trading at $164.3 per share on 10 October, the first day of the boycott. The shares have slightly recovered and closed at $160 per share on Tuesday.

Another company that has seen its shares fluctuate is Walt Disney, which owns the famous Disney Channel and other entertainment businesses. Walt Disney shares fell by 0.59% on 12 October, reaching $83.1 per share. They remained at the same price at the end of Tuesday’s trading session.

Dunkin’ shares have been stable since February 2020 and have not changed much due to the boycott campaign. They stayed at $106 per share until Tuesday’s trading session.

McDonald’s shares, on the other hand, have fallen to their lowest level since 27 October 2022. The shares reached a record low of $245.5 per share on October 12 and continued to decline until Tuesday’s trading session. McDonald’s shares then showed some signs of recovery and closed at $257.5 per share on Tuesday. This decline happened despite McDonald’s statement that its franchises in Arab countries are not related to the parent company that supports Israel.

Starbucks shares have also been affected by the boycott campaign, but not as much as other companies. Starbucks shares dropped to $91.4 per share on 12 October, which is the lowest price since the boycott started. They then rose to $94 per share on October 19 and stayed at that level until Tuesday’s trading session.

Netflix shares have also experienced some volatility due to the boycott campaign. Netflix shares reached their lowest price since May 2023 on 18 October, reaching $346.5 per share. They then bounced back to $406.7 per share at the end of Tuesday’s trading session.

KFC shares have been on a sharp downward trend since the boycott campaign started. KFC shares reached $1,286 per share at the end of Tuesday’s trading session, which is their lowest level since May 2023.

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