Salesforce: Shares of the cloud software developer surged over 16% in premarket trading after the firm topped Wall Street projections across the board in its most recent earnings report and provided a more optimistic outlook. Moreover, Salesforce announced that it will expand its share repurchase programme, which was introduced last year.
Best Purchase: The retailer of consumer electronics lost 1.9% as its earnings and revenue projections for the current fiscal year fell short of market expectations. Best Buy anticipates a 3 to 6 percent fall in sales for the entire year, citing the macroeconomic climate. Nonetheless, quarterly earnings exceeded projections.
Macy’s – According to Refinitiv, the retailer’s stock price increased 7.3% as its earnings per share and revenue exceeded expectations. Earnings per share for the fourth quarter at Macy’s were $1.71, exceeding the $1.57 forecast. At $8.26 billion, revenue matched analyst projections.
Silvergate Capital: The bank for digital currencies plunged 37.6% following two downgrades from analysts in response to the company’s fresh financial filings. JPMorgan downgraded the stock to underperform from neutral, citing potential challenges, after the company issued a warning that it may not be able to satisfy its financial obligations without liquidating within the next year. Canaccord Genuity downgraded the shares from buy to hold, stating that although the company has been well-managed, it wishes to remain on the sidelines until the latest filing has settled.
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Okta — The digital authentication company’s stock price increased by 15.8% after the company’s fourth-quarter revenue and earnings exceeded expectations. In addition, the business gave guidance for the current quarter that exceeded expectations while forecasting full-year sales in line with estimates and earnings per share above them. As a result, Cowen raised Okta from the market to outperform.
Dollar Tree: Shares of the bargain retailer fell almost 2% in premarket trade after JPMorgan downgraded Dollar Tree from overweight to neutral. The investment firm warned clients in a letter that Dollar Tree’s growth could halt this year as the company recoups price increases and makes investments for 2024 and beyond.
Snowflake: According to Refinitiv, the cloud data platform provider’s shares slid more than 7% in premarket trading on Thursday, despite the fact that Snowflake outperformed on both the top and bottom lines. Snowflake’s guidance for current-period revenue was lower than what investors had anticipated. A $2 billion stock repurchase scheme was also announced.
Nio — The Chinese electric-vehicle manufacturer fell 1.6% after reporting a fourth-quarter loss that was worse than anticipated on Wednesday. JPMorgan cut the shares to neutral on Thursday from overweight, citing the company’s overly optimistic outlook.
Anheuser-Busch InBev Following a disappointing results announcement, shares of the brewer fell by 1%. Normalized earnings per share came in 1 penny below the consensus forecast of analysts polled by StreetAccount, coming in at 98 cents. The company reported $14.67 billion in revenue as opposed to the $15.21 billion expected.
Getaround: The car-sharing firm gained 1.7% after being recommended for purchase by Roth MKM. Getaround, according to the company, is a market disruptor that can help enhance the use of older vehicles.
MarketAxess: Shares of the fintech company rose 1.7% after Atlantic Equities upgraded them to overweight from neutral, stating that the company is “close to a growth inflection point.” In the previous year, the share price decreased by 8.5%, despite a nearly 25% increase in 2023.
On Semiconductor: After a downgrade from strong buy to outperform by Raymond James, the semiconductor manufacturer’s stock fell 7.2%. The company stated that it anticipates near-term difficulties and noted that the stock’s valuation is currently above its historical average.
After its investor day, Tesla lost 6.2% of its market value. Some participants felt the event lacked specificity.
Coinbase: The cryptocurrency exchange fell 2.8% after Bank of America reiterated its underperform rating and stated that it does not anticipate clarity on U.S. legislative changes to cryptocurrencies in the near future.