Macy's, Salesforce and Okta rise premarket; Silvergate, Tesla fall
By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Thursday, March 2nd. Please refresh for updates.
Macy’s (NYSE: M) stock rose over 6% after the department store chain reported better-than-expected fourth quarter results and offered upbeat profit guidance.
Salesforce (NYSE: CRM) stock rose over 15% after the workplace software group reported better-than-expected fourth quarter results and guidance, with CEO Marc Benioff aiming to boost profits to fend off pressure from a host of activist investors.
Silvergate Capital (NYSE: SI) stock slumped 38.43% after the lender, which specializes in cryptocurrencies, warned it may not survive as a going concern as the crypto rout wipes out its capital and leaves it struggling to repay maturing loans.
Tesla (NASDAQ: TSLA) stock fell 8.15% after an investor day event during which Chief Executive Elon Musk provided few details on when it will unveil a much awaited affordable electric vehicle.
Okta (NASDAQ: OKTA) stock soared 15% after the identity software company reported better than expected quarterly results and upbeat guidance, as security-related applications see demand.
Nio (NYSE: NIO) ADRs fell 3.8% after JPMorgan downgraded its stance on the Chinese electric vehicle manufacturer to 'neutral' from 'overweight', saying it will become increasingly difficult for the company to deliver on high expectations.
Polestar (NASDAQ: PSNY) stock rose 4.1% after the electric vehicle maker posted a smaller quarterly loss, maintained its 2023 production outlook and said it would not engage in price wars.
Best Buy (NYSE: BBY) stock fell 2.8% after the electronics retailer issued a cautious forecast for annual earnings, citing the uncertain U.S. economic outlook.
Box (NYSE: BOX) stock fell 10.66% after the cloud storage company beat quarterly earnings and revenue expectations but offered weak guidance for the first quarter.