Stocks making the biggest moves midday: General Electric, Silvergate Capital, Peloton, ETC & more

JetCity Images | iStock Editorial | Getty Images

Check out the companies making the biggest moves of the afternoon:

General Electric — Stock rose 6.3% after the company provided an update ahead of its investor meeting, reaffirming its 2023 guidance with high-single-digit organic revenue growth, of $1.60-$2 per share. Shares included adjusted earnings and free cash flow of $3.4 billion. up to $4.2 billion.

Silvergate Capital – The crypto lender’s stock sank 23% after the company announced it would cease operations and liquidate Silvergate Bank. The bank has struggled for months, including posting a net loss of $1 billion in the fourth quarter.

SVB Financial — Shares of the financial services company plunged 46% after the firm said it intends to offer $1.25 billion of its common stock and $500 million of depository shares. SVB Financial also cut first-quarter net income guidance.

Asana — Shares soared 19.6% after the company reported a fourth-quarter adjusted loss of 15 cents per share, well short of the 27-percent expected by Refinitiv. Revenue came in at $150.2 million, well above expectations of $145 million. CEO Dustin Moskovitz also said he is buying 30 million shares.

BJ’s Wholesale Club – Shares rose 5.1% after the wholesale retailer reported adjusted earnings of $1 per share, beating StreetAccount’s estimate of 88 cents per share. Revenue was also above expectations.

Duckhorn Portfolio — The luxury winemaker soared 6.3% after reporting fiscal second-quarter revenue that topped Wall Street’s expectations. Revenue came in at $103.5 million compared to the expected $101.7 million. Adjusted earnings per share came in 1 percent ahead of estimates of 18 cents.

PayPal — Shares of the payments technology platform rose 3.5% after comments from CEO Daniel Schulman on a conference call that the company is seeing beyond-expected strength across the business. He also said that discretionary spending is starting to come back with the cooling of inflation.

MongoDB – Stock slumped 7.9% after the database platform provider offered weak guidance on revenue that disappointed investors. However, MongoDB’s fourth-quarter earnings and revenue beat analysts’ expectations.

Etsy — Shares on the online marketplace fell 4.6% after a double downgrade to underperform as bought by Jefferies. The firm said the company would need to spend more on marketing, which in turn would put pressure on EBITDA, as buyer churn increases.

Peloton Interactive — Stock declined 4% after the U.S. International Trade Commission banned imports of video-streaming equipment made by the fitness equipment maker. A spokesman for Peloton told Reuters the ruling would not disrupt service for users. President Joe Biden has 60 days to review the ban before it goes into effect.

Credit Suisse — US-traded shares of the Swiss bank fell nearly 2.2% after Credit Suisse announced it would delay its annual report after receiving comments from the Securities and Exchange Commission. The bank said the concern of the regulator was related to the revision in the cash flow statement from 2019 and 2020.

Baidu — The Chinese internet stock plunged 6.1% after the Wall Street Journal reported that employees are racing to meet deadlines for the company’s ChatGPT counterpart, which is still struggling to perform some basic functions. Used to be.

General Motors — Shares of the Detroit-based automaker fell 3% amid news that the company is offering buyouts to “the majority” of its white-collar employees.

— CNBC’s Alex Haring, Samantha Subin and Jesse Pound contributed reporting.

Rate this post

Leave a Comment