Starbucks' Earnings Plummet...and Local Biotech Firm Cuts 161 Jobs

If you want to hear good news, you'll have to find the guy who's sleeping with Scarlett Johansson. Otherwise, hear this: As expected, Starbucks' quarterly revenue was down--a whopping 77%, in fact (to $2.33 billion, just under analysts' predictions of $2.37). In response, Sbux head honcho Howard Schultz said he'll be selling the company to Oklahoma City investors.

Just kidding. Actually, Starbucks will go head-to-head with McDonald's with a new ad campaign. Said Schultzie to his shareholders: "We know customers are looking for meaningful value, not just a lower price. In the coming days we're going to arm our consumers and partners with the facts about Starbucks coffee."

Meanwhile, Seattle's biggest biotech employer, Lake Union firm ZymoGenetics, announced that it will be laying off 161 employees as part of its plan "to focus on assets that it believes have the potential to generate the greatest value for shareholders."

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