Stock Market

Stocks making the biggest moves midday: Starbucks, CarMax, Virgin Galactic and more

A view of the Starbucks vending van during its debut in Hangzhou in Zhejiang province Tuesday, June 7, 2022. 
Long Wei | Future Publishing | Getty Images

Check out the companies making headlines in midday trading.

Starbucks — Starbucks shares lost nearly 3% after a union representing workers said strikes are slated to begin Friday in response to claims that its not allowing Pride decorations at cafes. More than 150 stores, and about 3,500 workers, plan to join the strike occurring over the next week, the union said.

CarMax — The used car retailer popped 8.8% after beating the consensus estimate of analysts for its first-quarter revenue. CarMax posted $7.69 billion, higher than the $7.49 billion anticipated by analysts polled by StreetAccount.

Virgin Galactic — Virgin Galactic shed 18% after announcing a $300 million capital raise via a common stock offering. The space tourism company also said it plans to raise an additional $400 million to grow its fleet of spacecrafts. — Shares of the major artificial intelligence beneficiary sank more than 11% after Deutsche Bank reiterated its sell rating on the heels of the company’s investor day. “Until we get more comfort in some of the leading indicators, magnitude of new deals and signs of sustained new business traction we maintain our Sell rating,” the bank said.

Under Armour — The athletic clothing company’s stock dropped 3.2% after being downgraded by Wells Fargo to equal weight from overweight. The Wall Street bank said Under Armour had overexposure to North America, excess inventory and CEO at the helm for just six months.

Accenture — Shares of the It and consulting firm fell 1.7% on Friday, on track for their fifth-straight losing session. TD Cowen downgraded Accenture to market perform from outperform, citing a tepid outlook from the company in its earnings report earlier this week.

Evotec SE — Shares of the drug development company based in Germany gained 3% following an upgrade to overweight from equal weight by analysts at Morgan Stanley. The firm said Evotec looks well positioned to capitalize on artificial intelligence.

GSK — U.S-listed shares of the U.K.-based biopharmaceutical company gained 5% GSK announced the 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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