Stocks making the biggest premarket moves: Silvergate, Etsy, SVB Financial, Uber and more
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Check out the companies making headlines before the opening bell:
Etsy — Shares fell more than 6% in premarket after Jefferies double-downgraded the online marketplace to underperform from buy. The firm cited the company’s need to spend more on marketing as buyer churn increases.
Silvergate Capital — Shares of the crypto lender tumbled 50% after the company announced it will wind down operations and liquidate Silvergate Bank. The news comes about a week after the bank warned it may not be able to continue operating and follows a series of financial challenges and government investigations in the aftermath of the collapse of FTX, which was a customer of the bank.
Uber — Shares of the ride-hailing company rose about 2% in premarket trading following a Bloomberg report that Uber is considering spinning off its freight logistics division. The freight unit had $1.5 billion of revenue in the fourth quarter.
MongoDB — Shares of the database platform provider slid over 10% in premarket. The decline came after MongoDB offered weak guidance on revenue that disappointed investors. The company did post earnings and revenue that beat expectations for the fourth quarter.
SVB Financial — The financial services company’s stock dropped 30% after the firm announced that it intends to offer $1.25 billion of its common stock and $500 million of depositary shares.
Credit Suisse —The U.S.-traded shares of the Swiss bank fell more than 4% in premarket trading after the company announced it would delay its annual report after receiving comments from the Securities and Exchange Commission. The regulator’s comments were about cash flow statements in 2019 and 2020, the bank said.
LoanDepot — The mortgage lender’s shares shed over 10% after its fourth-quarter earnings report missed analysts’ expectations. The company reported a loss of 46 cents per share and revenue of $169.7 million. Analysts polled by FactSet had estimated an earnings loss of 27 cents per share and revenue of $190.9 million.
Hilton — Shares of the hotel chained inched up 0.5% in premarket after Barclays upgraded the stock to overweight from equal weight, saying the company can weather macro challenges better than its peers.
— CNBC’s Alex Harring and Jesse Pound contributed reporting.