On June 7, 2022, a Starbucks vending vehicle made its debut in Hangzhou, the capital of Zhejiang Province, China.
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Check out the companies making headlines in midday trading.
Starbucks — Shares of Starbucks fell nearly 2.5 percent after the union representing workers said a strike was set to begin Friday in response to claims the chain does not allow pride decorations in cafes. More than 150 stores and about 3,500 workers plan to take part in a strike next week, the union said.
Chemex — Shares of the used-car retailer rose 10% after first-quarter revenue topped analysts’ consensus estimates. CarMax reported revenue of $7.69 billion, topping the $7.49 billion expected by analysts polled by StreetAccount.
virgin galactic — Virgin Galactic shares fell 18% after announcing it was raising $300 million in a common stock offering. The space tourism company also said it plans to raise an additional $400 million to expand its fleet of spacecraft.
C3.ai — Shares in the major artificial intelligence beneficiary fell more than 10.8% after Deutsche Bank reiterated its sell rating following the company’s investor day. “We maintain our sell rating until we feel more comfortable with some leading indicators, the size of new deals and signs of continued growth in new business,” the bank said.
Under Armor — Shares of the athletic apparel company fell 2.8% after Wells Fargo downgraded its rating on the athletic apparel company to equal weight from overweight. The Wall Street bank said Under Armor’s North American business was overexposed, with excess inventory and that the CEO had only been at the helm for six months.
Accenture — Shares of the IT and consulting firm fell 2.8 percent on Friday, on track for a fifth straight session of losses. TD Cowen downgraded Accenture to perform from outperform, citing a tepid outlook in the company’s earnings report earlier this week.
Evotec SE — Shares in the Germany-based drug development company rose 4.2% after Morgan Stanley analysts upgraded their rating to overweight from equal weight. Evotec looks well-positioned to take full advantage of artificial intelligence, the company said.
GlaxoSmithKline — Shares in U.S.-listed GlaxoSmithKline (GSK) rose 5% after the U.K.-based biopharmaceutical company announced its first legal settlement over cancer allegations that its Zantac heartburn drug caused cancer.
— CNBC’s Michelle Fox, Alex Haring and Jesse Pound contributed reporting.