Check out the companies making headlines in midday trading.
Silvergate — Shares of the crypto-focused bank tumbled more than 42% after Silvergate disclosed massive customer withdrawals during the fourth quarter. The bank said it $3.8 billion in assets from digital asset customers at the end of December, down more than 60% from three months earlier. The company also sold off more the $5 billion of debt securities to cover the withdrawals, resulting in a loss on those sales of $718 million.
Bed Bath & Beyond — The home goods retailer plummeted 24% after reporting it’s running out of cash and is considering bankruptcy, citing weaker-than-expected sales. The company said it is exploring financial options including restructuring, seeking additional capital or selling assets, in addition to a potential bankruptcy.
Lamb Weston Holdings — The food processing company jumped 9% after it smashed quarterly earnings and revenue estimates. Lamb Weston also raised its financial guidance for the full year.
Walgreens Boots Alliance — The pharmacy operator tumbled more than 8% despite beating Wall Street’s earnings expectations and raising its full-year outlook. Walgreens posted a net loss in relation to an opioid litigation settlement.
CrowdStrike — Shares of the cloud-based software company slid more than 8% to hit a new 52-week low after Jefferies downgraded CrowdStrike to hold from buy. The Wall Street firm said 2023 “will be a more challenging fundamental year for growth names.”
Constellation Brands — The alcoholic beverage maker’s shares fell 8.8% after quarterly earnings came in slightly lower than analysts expected, according to FactSet. The company reported wine and spirits sales slipped for the quarter and shipments slipped by 14.8%.
Shopify — Shares fell more than 4% after Jefferies downgraded Shopify to a hold from a buy rating, citing uncertain macro challenges ahead for the e-commerce stock.
Conagra Brands — Shares rose nearly 3% after Conagra Brands topped expectations in its latest earnings results, and raised its fiscal 2023 guidance. The food company reported earnings of 81 cents per share on revenue of $3.31 billion in revenue. It was expected to earn 66 cents per share on revenue of $3.28 billion, according to consensus estimates on StreetAccount.
Amazon — The e-commerce giant fell nearly 2% after announcing it’s cutting 18,000 jobs, becoming the latest technology company to cut back after expanding rapidly during the pandemic.
GE Healthcare Technologies — Shares of the new public company fell 3% on their second day of trading, after rallying 8% on Wednesday. The company was spun off from General Electric as part of the conglomerate’s plan to break up into three separate companies. GE’s energy segment is expected to split off next year, leaving GE to focus solely on aviation.
American Express — The global integrated payment company’s stock shed more than 2% after being downgraded to underweight from equal weight by Stephens. The firm said it was concerned about American Express’ cushion heading into a recession and cut its price target on the stock to $134 per share from $146.
Ally Financial — Ally dipped 1.8% after Bank of American downgraded the stock to a buy, saying slowing loan demand could hurt the company.
— CNBC’s Sarah Min, Michelle Fox, Samantha Subin, Jesse Pound, Yun Li, and Alex Harring contributed reporting