Stocks making the biggest moves midday: Signature Bank, First Republic, Oracle and more
Check out the companies making headlines in midday trading Friday.
Allbirds — Shares slid by 40% after the footwear retailer's fourth-quarter results missed Wall Street's expectations. Additionally, the company posted its first year-over-year sales decline. Allbirds also announced a new business strategy and an executive shake-up. Baird earlier downgraded the company after its disappointing earnings report.
Oracle — The information technology stock dropped 3.2% following 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 predicted by analysts.
Charles Schwab — Charles Schwab dropped 7.4% on Friday, fueled by a broader investor selloff in financial companies with perceived weaker deposit bases.
DocuSign — Shares of the electronic signature platform fell 19% even after the company's fourth-quarter results beat expectations. However, after DocuSign announced CFO Cynthia Gaylor would step down later this year. The stock was also downgraded to underweight from neutral by JPMorgan, which lowered its price target citing deteriorating demand trends, potential competition from Microsoft and Gaylor's departure.
Signature Bank — Shares of Signature, one of the main banks to the cryptocurrency industry, fell 23% amid a selloff in bank stocks led by Silicon Valley Bank, now in its second day. Earlier in the day the bank's shares fell as much as 32% and were briefly halted for volatility.
PacWest Bancorp, Western Alliance Bancorp, First Republic Bank — Shares of the regional banks posted major losses during Friday's trading session amid the larger market selloff sparked by Silicon Valley Bank. PacWest dropped more than 30%, Western Alliance lost more than 45%, and First Republic slid by 19%.
Gap — The apparel retailer dropped more than 6% after it posted a big quarterly loss, declining sales and a series of executive changes as it searches for a permanent CEO. Gap also reported weaker-than-expected guidance for its first quarter and full-year revenue, according to Refinitiv.
— CNBC's Tanaya Macheel, Alex Harring, and Hakyung Kim contributed reporting.
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