CRM, BBY, M and extra
A worker enters the SalesForce Tower on Monday, March 14, 2022 in San Francisco, California, United States.
David Paul Morris | Bloomberg | Getty Images
Check out the companies making headlines before the bell.
Foreclosure – Shares of the cloud software maker are up nearly 16% premarket after the company topped Wall Street estimates across the board and posted a better-than-expected guidance in its latest earnings report. Salesforce also said it’s expanding its stock buyback program after it launched last year.
best buy — The consumer electronics retailer fell 1.9% after earnings and sales guidance for the fiscal year came in lower than expected. Best Buy expects sales to decline 3% to 6% for the year, citing the macroeconomic environment. However, quarterly earnings beat estimates.
Macy’s — The retailer rose 7.3% after beating expectations for earnings per share and meeting sales, according to Refinitiv. Macy’s posted earnings per share of $1.71 for the fourth quarter, ahead of the $1.57 expected. Sales of $8.26 billion were in line with analysts’ expectations.
Silvergate Capital — The digital currency bank plunged 37.6% after two downgrades from analysts on new financial fills at the company. JPMorgan downgraded the stock to underperform from neutral, citing challenges ahead after the company cited a warning that it might not be able to meet its financial obligations without going into liquidation next year. Canaccord Genuity downgraded the stock to hold from buy, saying the company has been well run but wants to step aside while the dust settles from the recent hiring.
octa — The digital authentication company rose 15.8% after beating fourth-quarter sales and earnings expectations. The company also issued guidance for the current quarter that came in ahead of expectations, projecting full-year sales to come in line with expectations and earnings per share to come in above. Cowen upgraded Okta to outperform the market.
money tree — Shares of the discounter fell 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 slow growth this year as the company weathers price hikes and makes investments for 2024 and beyond.
snowflake — Shares of the cloud data platform provider fell more than 7% premarket Thursday, despite Snowflake taking a hit to sales and earnings, according to Refinitiv. Snowflake’s revenue guidance for the current period came in lower than investors were expecting. The company also announced a $2 billion share repurchase program.
No – The Chinese electric-vehicle maker slipped 1.6% and fell further after Nio reported a bigger-than-expected fourth-quarter loss on Wednesday. JPMorgan downgraded the stock to neutral from overweight on Thursday, saying the company’s expectations were too high.
Anheuser-Busch Inbev — Shares of the beer maker fell 1% after a weak earnings report. Normalized earnings per share came in 1 cent below the consensus estimate of 98 cents by analysts polled by StreetAccount. Revenue also fell short of expectations, with the company posting $14.67 billion compared to an expected $15.21 billion.
getting around — The carsharing company gained 1.7% after being initiated by Roth MKM when it bought it. The company said Getaround is a market disruptor and can help increase the use of older cars.
MarketAxess – Shares of the fintech firm rose 1.7% after Atlantic Equities upgraded it from neutral to overweight and said it was at an “almost tipping point for growth.” The stock is up nearly 25% in 2023 but is down 8.5% over the past 12 months.
About semiconductors — The semiconductor maker fell 7.2% after a downgrade to outperforming a strong buy by Raymond James. The company said it sees short-term headwinds, but also noted that 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.
coin base — The crypto platform fell 2.8% after Bank of America reiterated its underperforming rating and said it does not expect clarity on US cryptocurrency regulation changes in the near future.
– CNBC’s Hakyung Kim, Yun Li, Jesse Pound and Michelle Fox contributed coverage