Stocks making the biggest moves midday: Silvergate Capital, Salesforce, Macy’s, Okta and more
The Salesforce West office building in San Francisco, California, on Wednesday, Jan. 25, 2023.
Marlena Sloss | Bloomberg | Getty Images
Check out the companies making headlines in midday trading.
Salesforce — Shares of the cloud software maker surged more than 10% after the company beat Wall Street estimates across the board in its quarterly report and issued a better-than-expected forecast. Salesforce also said it is expanding its share buyback program after introducing it last year. Wall Street analysts believe Salesforce’s strong results are impressive given the activist pressure it’s facing.
Macy’s — Macy’s gained 9% after reporting fourth-quarter results. The retailer posted $1.71 in earnings per share, above the $1.57 anticipated by analysts polled by Refinitiv. Revenue came in line with Wall Street expectations at $8.26 billion.
Tesla — The electric-vehicle maker’s shares lost 6% after Tesla’s investor day, which some believed lacked specifics.
Okta – Okta shares jumped 9% after topping Wall Street’s expectations for the recent quarter and issuing better-than-expected guidance for the current period. TD Cowen also upgrades shares to outperform from a market perform rating.
Dollar Tree — Shares slid more than 2% after the discount retailer was downgraded to neutral from overweight by JPMorgan. Dollar Tree posted fourth-quarter earnings and revenue that topped estimates on Wednesday, but its first-quarter EPS guidance fell short of expectations.
Box — The cloud content management platform’s shares slid 14% following the company’s fourth quarter results. Although Box topped analysts’ estimates on the top and bottom line, it announced weak guidance for the first quarter, according to Refinitiv.
Silvergate Capital — Shares of the digital currencies bank tumbled 48% after JPMorgan and Canaccord Genuity downgraded the stock. The banks issued their downgrades a day after Silvergate delayed the filing of its annual report and warned that it’s “currently analyzing certain regulatory and other inquiries and other investigations.”
Snowflake — The cloud data platform provider’s shares declined 13%. Although the company reported a beat on top and bottom lines, according to Refinitiv, its revenue guidance for the current period was lighter than investors had expected. The company also announced a $2 billion stock repurchase program.
— CNBC’s Alex Harring, Yun Li, Michelle Fox and Samantha Subin contributed reporting