CRM, BBY, M and more

An employee enters the SalesForce Tower in San Francisco, California, USA, on Monday, March 14, 2022.

David Paul Morris | Bloomberg | Getty Images

Check out the companies making headlines before the bell rings.

Salesforce – Shares of the cloud software maker rose nearly 16% in premarket after the company beat Wall Street estimates across the board in its latest earnings report and issued a better-than-expected forecast. Salesforce also said it is expanding its share repurchase program after launching last year.

Best Buy — The consumer electronics retailer lost 1.9% after revenue and revenue expectations for the fiscal year came in lower than expected. Best Buy said it expects sales to decline 3% to 6% for the year, citing the macroeconomic environment. However, the quarterly figures beat estimates.

Macy’s – The retailer advanced 7.3% after beating and meeting earnings per share expectations, according to Refinitiv. Macy’s posted fourth-quarter earnings per share of $1.71, ahead of $1.57 expected. Revenue was in line with analyst expectations at $8.26 billion.

Silvergate Capital – The digital currency bank plummeted 37.6% after two downgrades from analysts based on new financial fills from the company. JPMorgan moved the stock from neutral to below par, citing future challenges after the company cited a warning that it may not be able to meet its financial obligations without liquidating in the next year. Canaccord Genuity downgraded the stock’s rating to hold-buy, saying the company is well managed but wants to move to the sidelines as the dust of the recent fill settles.

Okta – The digital authentication company added 15.8% after beating top and bottom-line expectations for the fourth quarter. The company also issued guidance for the current quarter that beat expectations, while full-year revenue was in line with expectations and earnings per share came in above expectations. Cowen upgraded Okta to outperform the market as a result.

Dollar Tree – Shares of the discount retailer fell about 2% in premarket trading after JPMorgan downgraded Dollar Tree from overweight to neutral. The investment firm said in a note to clients that Dollar Tree could see slower growth this year as the company sidesteps price hikes and makes investments for 2024 and beyond.

Snowflake — Shares of the cloud data platform provider fell more than 7% Thursday premarket, despite Snowflake placing a beat on the top and bottom lines, according to Refinitiv. Snowflake’s revenue outlook for the current period was lighter than investors expected. The company also announced a $2 billion share repurchase program.

Nio – The Chinese electric vehicle maker fell 1.6% and continued to fall after Nio reported a larger-than-expected fourth-quarter loss on Wednesday. JPMorgan downgraded the stock from overweight to neutral on Thursday, saying expectations for the company are too high.

Anheuser-Busch Inbev — Shares of the beer maker fell 1% after a weak earnings report. Normalized earnings per share were 1 cent below the consensus estimate of analysts polled by StreetAccount at 98 cents. Revenue also fell short of expectations, with the company posting $14.67 billion, compared to the $15.21 billion expected.

Getaround – The car sharing company added 1.7% after being initiated by Roth MKM in the purchase. The company said Getaround was a market disruptor and could help increase the use of older cars.

MarketAxess — Shares of the fintech company rose 1.7% after Atlantic Equities upgraded them from neutral to overweight, saying it is at a “near tipping point for growth”. The stock is up nearly 25% in 2023, but is down 8.5% in the last 12 months.

About Semiconductor – The semiconductor maker fell 7.2% after downgrading to outperform Raymond James strong buy. The company said it sees near-term headwinds, but also noted that the stock’s valuation is currently above historical levels.

Tesla – The electric vehicle maker lost 6.2% after investor day. Some saw the event as lacking in detail.

Coinbase – The crypto platform lost 2.8% after Bank of America reiterated its rating below par and said it does not expect any clarity on changes to US cryptocurrencies regulations anytime soon.

– CNBC’s Hakyung Kim, Yun Li, Jesse Pound and Michelle Fox contributed to the reporting


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