A view of the Starbucks kiosk at its debut in Hangzhou, capital of China’s Zhejiang Province, June 7, 2022.
Long Wei | Future Publishing | Getty Images
Check out the companies making headlines in midday trading.
Starbucks – Starbucks shares fell nearly 2.5% after a workers’ union said strikes are set to begin on Friday in response to claims the coffeeshop chain won’t allow Pride decorations in cafes. More than 150 stores and about 3,500 workers plan to join the strike next week, the union said.
CarMax – The used-car dealership rose 10% after beating analysts’ consensus estimate for its first-quarter sales. CarMax reported $7.69 billion, up from the $7.49 billion that analysts polled by StreetAccount were expecting.
Virgin Galactic – Virgin Galactic lost 18% after announcing a $300 million capital increase via a common stock offering. The space tourism company also said it plans to raise another $400 million to expand its spacecraft fleet.
C3.ai – Shares in the biggest beneficiary of artificial intelligence fell more than 10.8% after Deutsche Bank reiterated its sell rating following the company’s investor day. “Until we gain more confidence in some of the leading indicators, the volume of new business and signs of ongoing new business momentum, we maintain our Sell rating,” the bank said.
under armour – The sportswear company’s stock fell 2.8% after Wells Fargo downgraded its rating from overweight to balance. The Wall Street bank said Under Armor had overexposure to North America for just six months, had excess inventory and a CEO at the helm.
Accenture – Shares of the IT and consulting firm fell 2.8% on Friday, on course for a fifth consecutive loss. TD Cowen downgraded Accenture to “Market Performance” from “Outperform” and cited a cautious outlook for the company in its earnings report earlier this week.
Evotec SE – Shares of the Germany-based drug development company rose 4.2% after analysts at Morgan Stanley upgraded the stock from “equal weight” to “overweight”. The company said Evotec is well positioned to capitalize on AI.
GSK – US-listed shares of the UK-based biopharmaceutical company rose 5% after GSK announced the first court settlement over allegations that its heartburn drug Zantac causes cancer.
— CNBC’s Michelle Fox, Alex Harring and Jesse Pound contributed coverage.