Silvergate Capital, Walgreens, Amazon and more
People walk past a Walgreens, owned by Walgreens Boots Alliance, Inc., in New York City, Nov. 26, 2021.
Andrew Kelly | Reuters
Check out the companies making headlines and moves in pre-market trading.
Walgreens Boots Alliance — Shares of the drugstore fell about 2% in the market even after the company reported fiscal first-quarter earnings that beat analysts’ estimates. The company also raised its full-year revenue outlook, in part due to the acquisition of Summit Health from its US healthcare segment.
Amazon – Shares of Amazon gained about 2% after it announced it is cutting 18,000 jobs, becoming the latest tech company to downsize after expanding rapidly during the pandemic.
Western Digital — Shares jumped more than 5% after Western Digital and Japan’s Kioxia Holdings resumed merger talks, according to a Bloomberg News report citing sources familiar with the matter.
Silvergate Capital – Shares in crypto-friendly bank Silvergate Capital fell more than 43% after it said digital asset deposits fell by $8.1 billion from September 30 to year-end to just $3.8 billion amid a “crisis of confidence” in the sector subsequent Fall of FTX. The bank said it was forced to sell $5.2 billion in debt to cover the withdrawals and posted a fourth-quarter loss of $718 million on that sale.
Luminar Technologies – Shares rose more than 4% after the lidar automaker announced new technology and said at a trade show that it met performance targets for 2022.
Coinbase Global – Shares of the crypto services company fell more than 6% in premarket trading after Cowen cut the stock price citing the difficult macro environment and continued concerns about the FTX failure. The downgrade comes a day after Coinbase reached a $100 million settlement with the New York Department of Financial Services over deficiencies in anti-money laundering standards.
CrowdStrike Holdings – Shares fell more than 2% after Jefferies downgraded the stock to hold from buy, saying 2023 “will be a more challenging fundamental year for growth names.” The firm expects less upside for CrowdStrike from here.
Wendy’s — Shares of the fast-food chain fell 2% after being downgraded by Oppenheimer to outperform. The firm believes that the stock’s risk/reward and valuation are now fairly balanced.
Shopify – Shares were down more than 2% before the bell after Jefferies cut Shopify to a hold from a buy rating, citing uncertain macro challenges ahead for the e-commerce stock.
American Express — The stock fell 1.48% in premarket after being downgraded by Stephens on Thursday to underweight from equal weight. The firm’s analysts, concerned about American Express’ cushion heading into a recession, also cut their price target to $134 a share from $146 and cut their 2023 EPS estimates by 8%.
– CNBC’s Michelle Fox, Yun Li, Tanaya Macheel and Samantha Subin contributed reporting