Midday movers: DocuSign, Oracle, Signature Bank and more

By Liz Moyer

Investing.com -- Stocks are falling as the shutdown of SVB Financial sends shockwaves through the banking sector. Here are the midday movers for March 10.

• DocuSign Inc (NASDAQ: DOCU) shares were down 21% after it reported better-than-expected revenue and a profit for the fourth quarter. Analysts expressed concerns about the departure of its CFO later this year. JPMorgan Chase analysts cut their rating to Underweight from Neutral.


• Oracle Corporation (NYSE: ORCL) shares were down 4.2% after the software maker reported lower-than-expected revenue in the recent quarter, though it was up 18% from the same quarter a year ago.


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  Signature Bank (NASDAQ: SBNY) shares were down 23% as banks got caught in a sell-off after the closure of SVB Financial, which tried and failed to raise capital. First Republic Bank (NYSE: FRC) shares are also down 22% and Charles Schwab (NYSE: SCHW) shares are down 7.8%.

  
  


• Gap Inc (NYSE: GPS) shares were down 6% after the casual clothing retailer posted a wider quarterly loss than one year ago and declining revenue that fell short of expectations.


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  Allbirds Inc (NASDAQ: BIRD) shares were down 45% after the footwear maker said it was overhauling its strategy and shuffling management. For the fourth quarter, its loss was wider than a year ago and sales fell 13%.

  
  

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