Starbucks workers union advocates wore 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 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’s stock fell 1.1% after workers’ union claimed that some stores will be going on strike starting Friday due to the company’s refusal to display Pride month decorations in its cafes. The union announced that over 150 stores have agreed to participate in the strikes scheduled for the next week, with more workers seeking authorization.
CarMax – The used car retailer’s stock rose 6.8% after surpassing Wall Street’s expectations for first-quarter revenue. CarMax reported $7.69 billion, exceeding the $7.49 billion consensus estimate from analysts.
Virgin Galactic – Shares of the space tourism company dropped 12.4% in premarket trading after announcing a $300 million common stock offering. Virgin Galactic intends to raise an additional $400 million for expanding and improving its spacecraft fleet.
Under Armour – Shares of the athletic clothing brand declined nearly 3% in premarket trading following a downgrade by Wells Fargo from overweight to equal weight. The bank cited overexposure to the North American market, excess inventory, and a CEO with only six months of experience. On Thursday, Under Armour also reduced its staff by 50 positions at its Baltimore headquarters, as reported by The Baltimore Sun and Footwear News.
Wayfair – Shares of the home furnishings retailer increased over 1% after MoffettNathanson upgraded Wayfair from underperform to market perform. The investment firm noted that Wayfair seems to be benefiting from the bankruptcy of Bed Bath & Beyond.
C3.ai – Shares of the company dropped 0.8% in premarket trading after Deutsche Bank stated that C3.ai did not differentiate itself enough from other artificial intelligence companies at its investor day. The bank maintained its sell rating on the stock.
Accenture – The consulting firm declined 1.5%, continuing the losses from the previous session, as investors continued to take profits following its earnings report. On Thursday, Accenture reported earnings per share and revenue that exceeded analysts’ expectations. Despite the post-earnings decline, Accenture shares have gained 15% year to date.
– CNBC’s Jesse Pound and Michelle Fox contributed to this report.
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