Signage outside Silicon Valley Bank headquarters in Santa Clara, California, USA, on Thursday, March 9, 2023.
David Paul Morris | Bloomberg | Getty Images
Check out the companies making headlines in early morning trading.
SVB Financial – Shares of the company known as Silicon Valley Bank extended their major decline, falling more than 40% in early morning trading after the company announced a plan on Thursday to raise more than $2 billion in capital to offset losses. offset bond sales. The news weighed on the entire banking sector for the second day, with First Republic Bank losing 7.5% in the premarket and crypto-focused Signature Bank losing 4%. Zions Bancorporation was down 2%. In the previous session, SVB ended 60% lower.
Allbirds – Shares of the shoe retailer plunged more than 22% after the company failed to grow year-over-year quarterly revenue for the first time in its history. Allbirds also unveiled a broad transformation strategy and management shake-up.
DocuSign — The electronic signature platform was down nearly 14% despite an increase in revenue and revenue. However, DocuSign announced that CFO Cynthia Gaylor would step down later this year. The stock was also downgraded from neutral to underweight by JPMorgan. The company cited deteriorating demand trends, potential competition from Microsoft and Gaylor’s departure.
Oracle – The software company fell 4.9% after revenue for the last quarter beat analysts’ expectations. Oracle posted $12.4 billion, compared to Wall Street estimates of $12.42 billion, according to Refinitiv.
Gap — The apparel retailer saw its shares fall more than 7% after announcing a large quarterly loss, falling sales and a series of board changes. It also issued weaker-than-expected guidance for first-quarter and full-year revenue, according to Refinitiv.
Vail Resorts – The stock lost 2% after a mixed fiscal second quarter financial report and weak outlook, including earnings that fell short of analyst estimates. The company’s expectations for net income and adjusted EBITDA for the year leading up to July were also in line with analyst expectations.
Roblox – Shares rose 2.9% after Jefferies upgraded Roblox to buy off hold. The Wall Street firm said it is confident that the online gaming platform will continue to show strong growth despite macroeconomic pressures.
— CNBC’s Sarah Min, Michelle Fox, Alex Harring, and Jesse Pound contributed reporting
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