Global Courant
A view of the Starbucks vending machine during its debut in Hangzhou, the capital of China’s Zhejiang province, June 7, 2022.
Long Wei | Future publication | Getty Images
Check out the companies making headlines during midday trading.
Starbucks — Starbucks shares fell nearly 2.5% after a union representing workers said strikes would begin Friday in response to claims the coffee shop chain is not allowing Pride decorations in cafes. More than 150 stores and about 3,500 workers plan to join the strike in the coming week, the union said.
AutoMax — The used-car seller popped 10% after beating analysts’ consensus estimate for its first-quarter sales. CarMax posted $7.69 billion, more than the $7.49 billion expected by analysts polled by StreetAccount.
Virgo Galactic – Virgin Galactic lost 18% after announcing a $300 million capital raise through a common stock offering. The space tourism company also said it plans to raise another $400 million to grow its fleet of spacecraft.
C3.ai — Shares of the main artificial intelligence beneficiary fell more than 10.8% after Deutsche Bank reiterated its sell advice on the heels of the company’s investor day. “Until we gain confidence in some of the leading indicators, the size of new deals and signs of continued new business traction, we will maintain our Sell rating,” the bank said.
Under armor — The athletic apparel company’s stock fell 2.8% after it was downgraded from overweight to equal weight by Wells Fargo. The Wall Street Bank said Under Armor had overexposure to North America, excess inventory and only had a CEO for six months.
accent — Shares of the IT and consulting firm fell 2.8% on Friday, on track for its fifth straight losing session. TD Cowen downgraded Accenture’s rating from outperform to market outperform, citing the company’s lukewarm outlook in its earnings report earlier this week.
Evotec SE — Shares of the German-based drug development company rose 4.2% after being upgraded to overweight from equal weight by analysts at Morgan Stanley. The company said Evotec looks well positioned to take advantage of AI.
GSK — US-listed shares of the UK-based biopharmaceutical company gained 5% after GSK announced its first legal settlement over allegations that its Zantac heartburn medication causes cancer.
– CNBC’s Michelle Fox, Alex Harring and Jesse Pound contributed reporting.
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