Midday movers: Silvergate Capital, SVB Financial, General Motors and more
By Liz Moyer
Investing.com -- Stocks are falling on Thursday ahead of a key economic report that could guide the Federal Reserve's decision on interest rates later this month. Here are the midday movers for March 9.
- Silvergate Capital Corp (NYSE: SI) shares were down 23% a day after the holding company said it was shutting down crypto lender Silvergate Bank and liquidating it, another sign of the fallout in digital currencies after last year's collapse of exchange FTX.
- SVB Financial Group (NASDAQ: SIVB) shares were down 46% after the Silicon Valley banker announced it would sell $2.25 billion in common and preferred shares, including $500 million in a private placement with investing firm General Atlantic.
General Motors Company (NYSE: GM) shares fell 3.3% after the automaker said it would offer buyouts to a majority of its white-collar employees and take a $1.5B charge as it aims to cut $2B in annual costs in two years.
- BJs Wholesale Club Holdings Inc (NYSE: BJ) shares rose 3.8% after the warehouse club retailer reported better-than-expected fourth-quarter adjusted earnings per share, benefitting from traffic trends in the holiday season.
General Electric Company (NYSE: GE) shares rose 6.8% after it reaffirmed its 2023 guidance during an investor day at its Ohio aerospace headquarters. The company said revenue from aviation could grow by at least low-double digits through 2025.