On June 13, 2022 in Redwood Shores, California, a sign stands in front of Oracle’s headquarters.
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Check out the companies making headlines during Friday afternoon trading.
Allbirds – Shares fell 40% after the shoe retailer’s fourth-quarter results fell short of Wall Street expectations. In addition, the company posted its first year-over-year revenue decline. Allbirds also announced a new business strategy and shake-up. Baird previously downgraded the company following its disappointing earnings report.
Oracle – Information technology shares fell 3.2% after a mixed third-quarter earnings report. Oracle posted adjusted earnings of $1.22 per share, more than the $1.20 per share expected by analysts polled by Refinitiv. But revenue came in lower than expected, with the company recording $12.40 billion against the $12.42 billion forecast by analysts.
Charles Schwab – Charles Schwab fell 7.4% on Friday, fueled by a broader investor sell-off in financial companies with a weaker deposit base.
DocuSign – Shares of the electronic signature platform fell 19% even after the company’s fourth-quarter results beat expectations. After DocuSign announced that CFO Cynthia Gaylor would step down later this year. The stock was also downgraded from neutral to underweight by JPMorgan, which lowered its price target citing deteriorating demand trends, potential competition from Microsoft and Gaylor’s exit.
Signature Bank — Shares of Signature, one of the cryptocurrency industry’s leading banks, fell 23% amid a sell-off of banking shares led by Silicon Valley Bank, now on its second day. Earlier in the day, shares of the bank fell as much as 32% and were briefly halted due to volatility.
PacWest Bancorp, Western Alliance Bancorp, First Republic Bank — Shares of the regional banks took big losses during Friday’s trading session amid the larger market sell-off caused by Silicon Valley Bank. PacWest was down more than 30%, Western Alliance lost more than 45% and First Republic was down 19%.
Caterpillar – Shares of Caterpillar fell 3% after UBS downgraded the industrial giant to sell from neutral, saying the company is overvalued.
Gap — The apparel retailer fell more than 6% after posting a large quarterly loss, falling sales and a series of board changes as it searched for a permanent CEO. Gap also reported weaker-than-expected revenue guidance for the first quarter and full year, according to Refinitiv.
– CNBC’s Tanaya Macheel, Alex Harring and Hakyung Kim contributed to the reporting.
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