Stocks Making the Biggest Premarket Moves: Starbucks, CarMax, Virgin Galactic and More

Here are some notable companies generating attention in premarket trading:

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Starbucks: The coffee shop chain experienced a 1.1% decline after a worker union announced that some stores would go on strike, citing the company's alleged refusal to display Pride month decorations in its cafes. Over 150 stores have reportedly agreed to participate in the strikes, with additional workers seeking authorization to join.

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CarMax: The used car retailer saw a 6.8% increase after surpassing Wall Street expectations for first-quarter revenue. CarMax reported $7.69 billion, outperforming the $7.49 billion estimate from analysts.

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Virgin Galactic: Shares plummeted 12.4% in premarket trading following an announcement that the space tourism company raised $300 million through a common stock offering. Virgin Galactic aims to secure an additional $400 million as it seeks to expand and enhance its spacecraft fleet.

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Under Armour: Shares declined by nearly 3% in premarket trading after Wells Fargo downgraded the athletic clothing company from overweight to equal weight. The bank cited factors such as overexposure to North America, excess inventory, and a relatively new CEO. Under Armour recently laid off 50 employees at its Baltimore headquarters.

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Wayfair: The home furnishings retailer witnessed a more than 1% increase in shares as 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.

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C3.ai: Shares experienced a 0.8% decrease in premarket trading after Deutsche Bank stated that the company failed to differentiate itself from other artificial intelligence companies during its investor day. Deutsche Bank reiterated its sell rating on the stock.

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Accenture: The consulting company dropped by 1.5%, extending its decline from the previous session as investors continued to take profits following the release of its earnings report. Accenture reported earnings per share and revenue that surpassed analysts' expectations. Despite the recent losses, Accenture shares have gained 15% year-to-date.

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