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CRM, BBY, M and more

by Index Investing News
March 5, 2023
in Stocks
Reading Time: 4 mins read
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A worker enters the SalesForce Tower in San Francisco, California, U.S., on Monday, March 14, 2022.

David Paul Morris | Bloomberg | Getty Images

Check out the companies making headlines before the bell.

Salesforce — Shares of the cloud software maker soared nearly 16% in premarket after the company beat Wall Street estimates across the board in its latest earnings report and issued a better-than-expected forecast. Salesforce also said it is expanding its share buyback program after introducing it last year.

Best Buy — The consumer electronics retailer shed 1.9% after 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 — The retailer advanced 7.3% after beating 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.

Silvergate Capital — The bank for digital currencies plummeted 37.6% following two downgrades from analysts on the back of new financial filings from the company. JPMorgan moved the stock to underperform from neutral, citing future challenges ahead after the firm cited a warning that it may not be able to meet its financial obligations without liquidating in the next year. Canaccord Genuity downgraded the stock to hold from buy, saying the firm has been managed well but it wants to move to the sidelines while the dust from the recent filing settles.

Okta — The digital authentication company added 15.8% after it beat top and bottom line expectations for the fourth quarter. The company also issued current-quarter guidance that was ahead of expectations, while guiding full-year revenue to come in line with expectations and per-share earnings above them. Cowen upgraded Okta to outperform from market perform as a result.

Dollar Tree — Shares of the discount retailer dipped about 2% in premarket trading after 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.

Snowflake — The cloud data platform provider’s shares fell more than 7% on Thursday premarket despite Snowflake posting a beat on top and bottom lines, according to Refinitiv. Snowflake’s revenue guidance for the current period was lighter than investors had expected. The company also announced a $2 billion stock repurchase program.

Nio — The Chinese electric-vehicle maker slid 1.6%, continuing to fall after 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.

Anheuser-Busch Inbev — Shares of the beer maker slipped 1% following a weak earnings report. Normalized per-share earnings came in 1 cent under the consensus estimate of analysts polled by StreetAccount at 98 cents. Revenue also came in under expectations, with the company posting $14.67 billion compared with the $15.21 billion anticipated.

Getaround — The car sharing company added 1.7% after getting initiated at buy by Roth MKM. The firm said Getaround was a market disruptor and can help increase utilization of legacy cars.

MarketAxess — Shares of the fintech company were up 1.7% after Atlantic Equities upgraded them to overweight from neutral, saying it is at a “near inflection point for growth.” The stock has popped almost 25% in 2023, but has dropped 8.5% during the past 12 months.

On Semiconductor — The semiconductor maker dropped 7.2% following 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.

Tesla — The electric-vehicle maker lost 6.2% after its investor day. Some saw the event as lacking specifics.

Coinbase — The crypto platform lost 2.8% after Bank of America reiterated its underperform rating and said not to expect clarity on U.S. regulatory changes to cryptocurrencies in the near term.

— CNBC’s Hakyung Kim, Yun Li, Jesse Pound and Michelle Fox contributed reporting



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