Stock Market

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

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Starbucks workers union advocates wears union shirts at the Senate Health, Education, Labor and Pensions Committee hearing on No Company is Above the Law: The Need to End Illegal Union Busting at Starbucks in the Dirksen Senate Office Building on Wednesday, March 29, 2023.
Bill Clark | Cq-roll Call, Inc. | Getty Images

Check out the companies making headlines in premarket trading.

Starbucks — The coffee shop chain slid 1.1% after a union representing workers said some stores will strike beginning Friday following claims that the company has not allowed Pride month decor in its cafes. The union said workers at more than 150 stories have agreed to join the strikes taking place over the next week, with more working on authorizations.

CarMax — The used car retailer gained 6.8% after beating Wall Street expectations on first-quarter revenue. CarMax reported $7.69 billion, ahead of the $7.49 billion expected by analysts polled by StreetAccount.

Virgin Galactic — Shares tumbled 12.4% in premarket trading after the space tourism company said it raised $300 million through a common stock offer. Virgin Galactic said it wants to raise another $400 million as the company looks to expand and improve its spacecraft fleet.

Under Armour — Shares shed nearly 3% in premarket trading following a downgrade by Wells Fargo to equal weight from overweight. The Wall Street bank said the athletic clothing company had overexposure to North America, excess inventory and a CEO at the helm for just six months. On Thursday, Under Armour cut 50 jobs at its Baltimore headquarters, The Baltimore Sun and Footwear News reported.

Wayfair — Shares of the home furnishings retailer rose more than 1% after MoffettNathanson upgraded Wayfair to market perform from underperform. The investment firm said Wayfair appears to be benefitting from the bankruptcy of Bed Bath & Beyond.

C3.AI — Shares shed 0.8% premarket after Deutsche Bank said the company did not differentiate itself from other artificial intelligence names at its investor day. The firm reiterated its sell rating.

Accenture — The consulting company lost 1.5%, adding to its decline from the previous session, as investors continued to take profit following its earnings report. On Thursday, Accenture reported earnings per share and revenue that beat analyst expectations. Despite the post earnings losses, Accenture shares are up 15% year to date.

— CNBC’s Jesse Pound and Michelle Fox contributed reporting

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