A worker enters the SalesForce Tower in San Francisco, California, US, Monday, March 14, 2022.
David Paul Morris Bloomberg Getty Images
Check out the companies that made headlines before the bell.
Salesforce – Shares of the cloud software maker rose nearly 16% in premarket after the company beat Wall Street estimates in its latest earnings report and issued a better-than-expected forecast. Salesforce also said it is expanding its stock buyback program after introducing it last year.
Best Buy – The consumer electronics retailer shed 1.9% after its fiscal year earnings and revenue guidance were lighter than expected. Best Buy said it expects a 3% to 6% decline in sales for the year, citing the macro environment. However, quarterly earnings beat estimates.
Macy’s – The retailer advanced 7.3% after beating expectations on earnings per share and meeting on revenue, according to Refinitiv. Macy’s reported $1.71 in earnings per share for the fourth quarter, above expectations of $1.57. Revenue was in line with analyst expectations at $8.26 billion.
Capital of Silvergate – The bank for digital currency fell 37.6% after two downgrades from analysts at the end of the new financial fillings of the company. JPMorgan moved the stock to underperform from neutral, citing future challenges after the firm mentioned the danger that it may not be able to meet its financial obligations without liquidation next year. Canaccord Genuity downgraded stock held from buy, said the firm has managed well but wants to move to the sidelines when the dust of the new content settles.
Okta – The digital authentication company added 15.8% after beating top and bottom expectations for the fourth quarter. The company also issued guidance for the current quarter that was ahead of expectations, while guiding full-year revenue to be in line with expectations and earnings per share above. Cowen upgraded Okta to outperform the market as a result.
Dollar Tree – Shares of the discount retailer fell about 2% in pre-market trading after JPMorgan downgraded Dollar Tree to neutral from overweight. The investment firm said in a note to clients that Dollar Tree could see slow growth this year as the company increases its valuation and makes investments for 2024 and beyond.
Snowflakes – Shares of the cloud data platform provider fell more than 7% in premarket Thursday even as Snowflake posted a beat on both its top and bottom lines, according to Refinitiv. Snowflake’s revenue guidance for the current period was lighter than investors expected. The company also announced a $2 billion share buyback program.
Neo – China’s electric vehicle maker fell 1.6%, continuing its slide after Nio reported a bigger-than-expected loss for the fourth quarter on Wednesday. JPMorgan downgraded the stock to neutral from overweight on Monday and said the company’s expectations were too high.
Anheuser-Busch Inbev – The beer maker’s shares fell 1% after a weak earnings report. Normalized earnings per share came in at 1 cent in line with the consensus estimate of analysts polled by StreetAccount at 98 cents. Revenue also came in below expectations, with the company posting $14.67 billion compared to $15.21 billion anticipated.
Vacation – The car-sharing company added 1.7% after being bought by Roth MKM. The company says Getaround is a market disruptor and could help increase the use of older cars.
MarketAxes – Shares of fintech companies were up 1.7% after Atlantic Equities upgraded to overweight from neutral, saying it is “close to the inflection point for growth.” The stock is up almost 25% in 2023, but is down 8.5% over the past 12 months.
In Semiconductors – The semiconductor maker fell 7.2% after being downgraded to outperform from a strong buy by Raymond James. The company said there is a near-term headwind, while also noting that the stock is currently above historical levels.
Tesla – The electric vehicle maker lost 6.2% after the investor day. Some see the event as less specific.
Coinbase – The crypto platform lost 2.8% after Bank of America reiterated its underperform rating and said it does not expect clarity on US regulatory changes for cryptocurrencies in the near future.
– CNBC’s Hakyung Kim, Yun Li, Jesse Pound and Michelle Fox contributed reporting