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Take a look at the companies that take the biggest steps in the afternoon:
General Electric – Shares rose 6.3% after the company provided an update ahead of its investor meeting, including reaffirming its 2023 outlook of single-digit organic sales growth, adjusted earnings per share of $1.60-$ 2 and free cash flow of $3.4 billion to $4.2 billion.
Silvergate Capital — Shares of the crypto lender fell 23% after the company announced it would wind down operations and liquidate Silvergate Bank. The bank has been struggling for months and reported, among other things, a net loss of $1 billion in the fourth quarter.
SVB Financial – Shares of the financial services company fell 46% after the company said it plans to offer $1.25 billion of its common stock and $500 million in depositary shares. SVB Financial also lowered first-quarter net income expectations.
Asana – Shares rose 19.6% after the company reported an adjusted loss of 15 cents per share for the fourth quarter, less than the 27 cent loss Refinitiv expected. Sales were $150.2 million, more than the $145 million expected. CEO Dustin Moskovitz also said he bought 30 million shares.
BJ’s Wholesale Club — Shares rose 5.1% after the wholesale company reported adjusted earnings of $1 per share, beating StreetAccount’s estimate of 88 cents per share. Sales also exceeded expectations.
Duckhorn portfolio – The luxury winemaker rose 6.3% after reporting fiscal second-quarter earnings that beat Wall Street expectations. Revenue came in at $103.5 million compared to the expected $101.7 million. Adjusted earnings per share came in 1 cent above estimates at 18 cents.
PayPal — Shares of the payment technology platform rose 3.5% following CEO Daniel Schulman’s comments at a conference that the company is seeing strength beyond expectations across the business. He also noted that discretionary spending is starting to come back as inflation cools.
MongoDB – Shares fell 7.9% after the database platform provider issued weak earnings expectations that disappointed investors. However, MongoDB’s fourth-quarter earnings and revenue beat analyst expectations.
Etsy — Shares in the online marketplace fell 4.6% after a double downgrade to underperformance from buy by Jefferies. The company said the company will have to spend more on marketing, which in turn will put pressure on EBITDA as customer churn increases.
Peloton Interactive – The stock lost 4% after the US International Trade Commission banned imports of video streaming devices from the fitness equipment maker. A Peloton spokesperson told Reuters the ruling will not disrupt service for users. President Joe Biden has 60 days to review the ban before it takes effect.
Credit Suisse – US-traded shares of the Swiss bank fell about 2.2% after Credit Suisse announced it would delay its annual report after receiving comments from the Securities and Exchange Commission. The regulator’s concerns were related to revisions to cash flow statements from 2019 and 2020, the bank said.
Baidu — China’s internet share fell 6.1% following a Wall Street Journal report that employees are in a hurry to meet the deadline for the company’s ChatGPT equivalent, which is still struggling to perform some basic functions.
General Motors – Shares of the Detroit-based automaker fell 3% amid news that the company is offering a buyout to a “majority” of its employees.
— CNBC’s Alex Harring, Samantha Subin, and Jesse Pound contributed reporting.
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