Signs outside a Bed Bath & Beyond retail store in New York on August 25, 2022.
Gabe Jones | bloomberg | Getty Images
Check out which companies are making headlines in the midday trading.
Silverjet Shares of the cryptocurrency-focused bank fell more than 42% after Silvergate It revealed massive customer withdrawals during the fourth quarter. The bank said its assets from digital asset clients amounted to $3.8 billion at the end of December, down more than 60% from the previous three months. The company also sold more than $5 billion in debt securities to cover withdrawals, resulting in a loss on those sales of $718 million.
bed bath behind Retail sales of household goods fell 24% after being reported You are running out of cash and are considering bankruptcy, citing weaker-than-expected sales. The company said it is exploring financial options including restructuring, seeking additional capital or selling assets, as well as the possibility of bankruptcy.
Lamb Weston Holdings The food processing company jumped 9% after it smashed its earnings and quarterly revenue estimates. Lamb Weston also raised its financial guidance for the full year.
Walgreens Boots Alliance The pharmacy operator fell more than 8%, though It beat Wall Street earnings expectations and raised its forecast for the full year. Walgreens posted a net loss related to its opioid litigation settlement.
CrowdStrike Shares of the cloud-based software company fell more than 8% to a 52-week low after Jefferies downgraded CrowdStrike to stop buying. The Wall Street firm said 2023 “will be a more challenging fundamental year for growth names.”
Constellation Brands Shares of the liquor manufacturer fell 8.8% after quarterly earnings came in slightly lower than analysts expected, according to FactSet. The company reported that wine and spirits sales declined during the quarter and shipments fell 14.8%.
Shopify Shares fell more than 4% after Jefferies downgraded Shopify to Hold from a Buy rating, citing uncertain macro challenges awaiting the e-commerce stock.
Conagra Brands Shares rose nearly 3% after Conagra Brands beat expectations in its latest earnings results, and raised its financial guidance for 2023. The food company reported earnings of 81 cents per share on revenue of $3.31 billion. It was expected to earn 66 cents a share on revenue of $3.28 billion, according to consensus estimates on StreetAccount.
Amazon The e-commerce giant fell about 2% after that Announcing that it will cut 18,000 jobsbecoming the latest tech company to scale back after rapidly expanding during the pandemic.
GE Healthcare Technologies Shares of the newly public company fell 3% on the second day of trading, after rising 8% on Wednesday. The company was spun off from General Electric as part of the conglomerate’s plan to split into three separate companies. And GE’s energy business is expected to split next year, leaving GE to focus solely on aviation.
American Express Shares of the global integrated payment company fell more than 2% after Stevens downgraded its rating to below equal weight. The company said it was concerned about the American Express pillow being close to recession and cut its price target for the stock to $134 a share from $146.
Financial Ally Ally fell 1.8% after Bank of America Downgrade the rating of the stock to Buysaying that slowing loan demand could hurt the company.
— CNBC’s Sarah Min, Michelle Fox, Samantha Sobin, Jessie Pound, Yoon Lee and Alex Haring contributed reporting.
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