Today's Pre-Market Stock Movers: CRM, TSLA, SI, M and More

Movers and Shakers wrote a column · Mar 2, 2023 07:25

Gapping up

$Salesforce(CRM.US)$ +14.6% (The cloud-based enterprise software provider posted better-than-expected fiscal fourth-quarter adjusted earnings and said fiscal 2024 adjusted profit would come in well above analysts' expectations.)

$Okta(OKTA.US)$ +15.8% (Its fourth-quarter adjusted earnings beat analysts' consensus and the identity-management software company issued an upbeat financial forecast.)

Gapping down

$Tesla(TSLA.US)$ -7.8% (CEO Elon Musk confirmed the electric-vehicle maker plans to build its fifth assembly plant in Monterrey, Mexico. The factory would produce Tesla's next-generation vehicle, a lower-priced car that was hinted at during the company's investor event on Wednesday.)

$Snowflake(SNOW.US)$ -6.4% (The company issued revenue guidance for fiscal 2024 below Wall Street's expectations.)

$Silvergate Capital(SI.US)$ -29.5% (The banker to the cryptocurrency industry delayed filing its annual report. Silvergate said it was evaluating its ability to continue as a going concern, and was "currently in the process of re-evaluating its businesses and strategies in light of the business and regulatory challenges it currently faces.")

$Splunk(SPLK.US)$ -3.5% (Its outlook for the fiscal first quarter and year missed Wall Street estimates as customers slow their spending amid concerns about the economic environment.)

$Best Buy(BBY.US)$ -2.8% (Its fiscal year earnings and revenue guidance came in lighter than expected. Best Buy said it expects a sales decline of 3% to 6% for the year, citing the macro environment. However, its quarterly earnings beat estimates.)

$Macy's(M.US)$ -7.3% (The company's earnings beat expectations on per-share earnings and meeting them on revenue, according to Refinitiv. Macy's recorded $1.71 in earnings per share for the fourth quarter, above the $1.57 anticipated. Revenue was in line with analyst expectations at $8.26 billion.)

$Dollar Tree(DLTR.US)$ -2% (JPMorgan downgraded Dollar Tree to neutral from overweight. The investment firm said in a note to clients that Dollar Tree could see growth slow this year as the company laps price increases and makes investments for 2024 and beyond.)

$NIO Inc(NIO.US)$ -1.6% (Nio reported a wider-than-expected loss for the fourth quarter on Wednesday. JPMorgan downgraded the stock to neutral from overweight Thursday and said the company's expectations are too high.)

$ON Semiconductor(ON.US)$ -7.2% (The company received a downgrade to outperform from strong buy by Raymond James. The firm said it sees near-term headwinds, while also noting the stock's valuation is currently above historical levels.)

$Coinbase(COIN.US)$ -2.8% (Bank of America reiterated its underperform rating and said not to expect clarity on U.S. regulatory changes to cryptocurrencies in the near term.)

Source: Dow Jones, CNBC

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