Midday Movers: SBUX, KMX, SPCE – Notable Stock Market Changes

Discover the latest buzz-worthy companies commanding attention in midday trading.

Starbucks

— The shares of Starbucks experienced a decline of almost 2.5% as a workers’ union announced a series of strikes starting this Friday. The strikes are in response to allegations that Starbucks prohibits Pride decorations at its cafes. The union declared that more than 150 stores, involving approximately 3,500 workers, plan to participate in the week-long strike.

CarMax

— Following its impressive first-quarter revenue performance, the used-car retailer saw a remarkable surge of 10%. CarMax reported a revenue of $7.69 billion, surpassing the estimate of $7.49 billion predicted by analysts.

Virgin Galactic

— Falling by 18%, Virgin Galactic announced a $300 million capital raise through a common stock offering. Moreover, the space tourism company intends to secure an additional $400 million to expand its fleet of spacecraft.

C3.ai

— After Deutsche Bank reiterated its sell rating on the company following its investor day, shares of the leading artificial intelligence beneficiary plummeted by over 10.8%. The bank expressed uncertainty and maintained its sell rating until it sees stronger leading indicators, significant new deals, and signs of sustained business growth.

Under Armour

— Experiencing a 2.8% drop, the athletic clothing company’s stock was downgraded by Wells Fargo from overweight to equal weight. The bank cited factors such as overexposure to the North American market, excessive inventory, and a CEO tenure of just six months.

Accenture

— With a decline of 2.8%, the IT and consulting firm experienced its fifth consecutive losing session on Friday. TD Cowen downgraded Accenture from outperform to market perform, pointing to the company’s tepid outlook mentioned in its recent earnings report.

Evotec SE — Following an upgrade by Morgan Stanley analysts from equal weight to overweight, the German-based drug development company witnessed a 4.2% surge. Morgan Stanley emphasized that Evotec is well-positioned to capitalize on the potential of artificial intelligence.

GSK

— The U.K.-based biopharmaceutical company experienced a 5% increase in its U.S-listed shares after announcing the first legal settlement regarding allegations that its Zantac heartburn medication causes cancer.

— Reporting contributed by CNBC’s Michelle Fox, Alex Harring, and Jesse Pound.