Stocks making the biggest moves premarket: SVB Financial, Allbirds, DocuSign and more
Check out the companies making headlines in early morning trading.
SVB Financial — Shares of the company known as Silicon Valley Bank extended their big slide, falling more than 40% in early morning trading after the company Thursday announced a plan to raise more than $2 billion in capital to help offset losses on bond sales. The news weighed on the entire banking sector for a second day, with First Republic Bank losing 7.5% in the premarket and crypto focused Signature Bank down 4%. Zions Bancorporation fell 2%. In the previous session, SVB finished down 60%.
Allbirds — Shares of the footwear retailer plummeted more than 22% after the company failed to post year-over-year quarterly sales growth for the first time in its history. Allbirds also unveiled a broad transformation strategy and an executive shake-up.
DocuSign — The electronic signature platform dropped nearly 14% despite an earnings and revenue beat. However, DocuSign announced CFO Cynthia Gaylor would step down later this year. The stock was also downgraded by JPMorgan to underweight from neutral. The firm cited deteriorating demand trends, potential competition from Microsoft and Gaylor's departure.
Oracle — The software company dropped 4.9% after revenue for its latest quarter missed analysts' expectations. Oracle posted $12.4 billion, compared with Wall Street's estimates of $12.42 billion, according to Refinitiv.
Gap — The apparel retailer saw its shares drop more than 7% after it announced a big quarterly loss, declining sales and a series of executive changes. It also issued weaker-than-expected guidance for its first quarter and full-year revenue, according to Refinitiv.
Vail Resorts — The stock lost 2% following a mixed financial report for its second fiscal quarter and weak guidance that included earnings that fell short of analysts' estimates. The company's guidance on net income and adjusted EBITDA for the year leading up to July also came in under analysts' expectations.
Roblox — Shares climbed 2.9% after Jefferies upgraded Roblox to buy from hold. The Wall Street firm said it's confident the online gaming platform will continue to show strong growth in spite of macro pressures.
— CNBC's Sarah Min, Michelle Fox, Alex Harring and Jesse Pound contributed reporting