Stocks making the biggest moves midday: General Electric, Silvergate Capital, Peloton, Etsy and more
Check out the companies making the biggest moves midday:
General Electric — The stock gained 5.27% after the company provided an update ahead of its investor meeting, including reaffirming its 2023 guidance with high-single-digit organic revenue growth, adjusted earnings per share of $1.60-$2 and free cash flow of $3.4 billion to $4.2 billion.
Silvergate Capital — The crypto lender's stock sank 42.16% after the company announced it will wind down operations and liquidate Silvergate Bank. The bank has been struggling for months, including reporting a $1 billion net loss in the fourth quarter.
SVB Financial — Shares of the financial services company's stock tumbled 60.41% after the firm said it intends to offer $1.25 billion of its common stock and $500 million of depositary shares. SVB Financial also cut its first-quarter net income guidance.
Asana — Shares soared 18.93% after the company reported a fourth-quarter adjusted loss of 15 cents per share, less than the 27-cent lost expected by Refinitiv. Revenue came in at $150.2 million, topping the $145 million expected. CEO Dustin Moskovitz also said he was buying 30 million shares.
BJ's Wholesale Club — Shares gained 2.35% after the wholesale retailer company reported adjusted earnings of $1 per share, beating StreetAccount's estimate of 88 cents per share. Revenue also topped expectations.
Duckhorn Portfolio — The luxury winemaker rallied 4.54% after reporting fiscal second-quarter revenue that topped Wall Street's expectations. Revenue came in at $103.5 million compared to the $101.7 million expected. Adjusted earnings per share came in 1 cent ahead of estimates at 18 cents.
PayPal — Shares of the payments technology platform gained 3.5% in midday trading following CEO Daniel Schulman's comments at a conference that the company is seeing strength beyond what was expected across the business. However, shares ultimately closed up just 0.12%
MongoDB — The stock slid 8.36% after the database platform provider offered weak guidance on revenue that disappointed investors. However, MongoDB's fourth-quarter earnings and revenue beat analysts' expectations.
Etsy — Shares on the online marketplace fell 4.81% following a double downgrade to underperform from buy by Jefferies. The firm said the company will need to spend more on marketing, which will in turn pressure EBITDA, as buyer churn increases.
Peloton Interactive — The stock shed 6.53% after the U.S. international trade commission banned imports of video-streaming devices made by 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 — The Swiss bank's U.S.-traded shares fell 4.48% 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 — The Chinese internet stock lost 7.49% following a Wall Street Journal report that employees are racing 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 dipped 4.88% amid news that the company is offering buyout to a "majority" of its white-collar employees.
— CNBC's Alex Harring, Samantha Subin and Jesse Pound contributed reporting.