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Starbucks Corp. said Tuesday it has appointed Gerri Martin-Flickinger chief technology officer, effective Nov. 2. Martin-Flickinger was Adobe Systems Inc. executive vice president and chief information officer, and played “a key role” in Adobe’s transformation to cloud-based business, Starbucks said. Martin-Flickinger will lead the company’s IT organization, and will champion the next phase of innovation and growth for Starbucks, the company said. Shares of Starbucks fell 1.2% in late trading Tuesday after ending the regular session down 0.6%.

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Yum Brands Inc. shares dropped in the extended session Tuesday after the fast-food chain operator missed Wall Street estimates for the quarter. Yum shares fell 16% to $70.19 on heavy volume. The company reported adjusted third-quarter earnings of $1 a share on revenue of $3.43 billion. Analysts surveyed by factSet had forecast $1.06 a share on revenue of $3.67 billion. The company also said it was raising its quarterly dividend 12% to 46 cents a share.

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Shares of Fitbit Inc. declined on Tuesday after Microsoft Corp. unveiled Microsoft Band 2, its own wearable fitness device. Microsoft Band comes with an optical heart rate monitor, a GPS, and a calorie counter. It also checks sleep quality and keeps tracks of floors climbed, Microsoft said. The $249.99 device will be available at stores on Oct. 30. The news weighed on Fitbit’s stock with shares down 4.6% to $36.42 while Microsoft shares rose 0.5% to $46.87.

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Shares of Fitbit Inc. declined on Tuesday after Microsoft Corp. unveiled Microsoft Band 2, its own wearable fitness device. Microsoft Band comes with an optical heart rate monitor, a GPS, and a calorie counter. It also checks sleep quality and keeps tracks of floors climbed, Microsoft said. The $2,495 device will be available at stores on Oct. 30. The news weighed on Fitbit’s stock with shares down 4.6% to $36.42 while Microsoft shares rose 0.5% to $46.87.

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Blackberry Ltd. shares rose on Tuesday and are poised for a three-session winning streak as more details about its new Android-powered Priv smartphone were made available. Priv, which CNET reports is short for privacy, will come with a 5.5-inch display and a QWERTY keyboard. Blackberry shares gained 2.4% to $6.77. For the year to date, the stock is down 38%.

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WASHINGTON (MarketWatch) – The Obama administration is concerned about “the economic consequences” of EU court ruling which struck down a 15-year old trans-Atlantic data pact. Earlier Tuesday, the European Court of Justice ruled that national regulators in the EU can override the so-called safe-harbor pact used by about 4,500 companies because it violates the privacy rights of Europeans by subjecting them to surveillance by the U.S. government. Earnest defended the safe-harbor deal, saying it had protected privacy and fostered growth in the U.S. and EU. He said the court ruling was based on incorrect assumptions about data privacy protections in the U.S. The Commerce Department will work with the European Commission to release an updated safe-harbor framework, he said.

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Starbucks Corp. will introduce the mobile order and pay service to 300 company-owned stores in Toronto, starting Oct. 13. Toronto is home to some of the company’s busiest North American stores, said Jessica Mills, director of brand and digital for Starbucks Canada in a statement. Mobile payments accounts for 18% of all in-store Canadian transactions. Mobile order and pay will arrive in additional Canadian cities in 2016. Starbucks launched the Mservice ini the U.K. last week. The service is expanding after a successful launch in the U.S., according to the company.

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Shares of Yum Brands Inc. fell ahead of the company’s third-quarter earnings release late Tuesday. Investors are expected to closely review Yum’s results given its significant exposure to China. Goldman Sachs estimated that Yum derives about 52% of its sales from the country. Analysts surveyed by FactSet projected the fast-food chain operator to post third-quarter earnings of $1.06 a share on revenue of $3.67 billion. Yum shares edged down 0.1% to $82.94.

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Health care stocks are taking a broad beating in afternoon trade Tuesday, as investor sentiment toward the once hot sector continues to sour in the face of public outrage over surge pricing of certain drugs. The SPDR Health Care ETF dropped 3%, with all 55 of its equity components trading trading lower. Only three of the 55 stocks declined less than 1%. Among the more active shares, Pfizer Inc. shed 1.9%, Gilead Sciences Inc. slid 2.9%, Boston Scientific Corp. dropped 3.3%, Merck & Co. declined 2.8% and Johnson & Johnson gave up 1.6%. Analyst Paul Sperber at Evercore ISI said he believes the biggest reason for the sector’s selloff on Tuesday is a Wall Street Journal article detailing how drug makers used repeated, sharp price increases to offset dropoffs in demand for key drugs. He said lowered outlooks from genetic-sequencing company Illumina Inc. and medical device maker Greatbatch Inc. were also weighing on sentiment. Shares of Illumina plunged 12% and of Greatbatch tumbled 11%. The XLV’s loss Tuesday turned it negative for the year. It’s down 2.9% while the S&P 500 has slipped 4%.

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Tommy Bahama Group President and Chief Operating Officer Douglas Wood will succeed Chief Executive Terry Pillow when he retires on Jan. 30, 2016, the company said in a statement. Jan. 30 is the end of the company’s fiscal year. Wood joined Tommy Bahama in 2001 as chief operating officer and was appointed president in 2008. Pillow joined the company in 2008. Tommy Bahama was acquired by Oxford Industries Inc. in 2003. Pillow will continue as an advisor to Oxford after his retirement. Oxford Industries stock is down 15.6% for the past three months. The S&P is down 4.4% for the same period.

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