SVB Financial, Gap, Oracle and DocuSign fall premarket; Roblox rises
By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Friday, March 10th. Please refresh for updates.
SVB Financial (NASDAQ: SIVB) stock fell 44%, adding to Thursday’s rout after the lender announced a $2.25 billion equity raise following the announcement of a $1.8B net loss and negative annual and first quarter guidance, hurt by the impact from higher interest rates.
Apple (NASDAQ: AAPL) stock fell 0.3% ahead of the iPhone maker’s annual shareholder meeting, where shareholders will be voting on a number of proposals, including its exposure to China and a report on race and gender pay gaps.
- Meta Platforms (NASDAQ: META) stock fell 0.1% after Reuters reported that the Facebook owner is exploring a standalone decentralized network for sharing text updates.
Gap (NYSE: GPS) stock slumped 7.2% after the clothing chain posted a bigger-than-expected fourth-quarter loss and forecast weak full-year sales, hit by a slowdown in demand for its apparel.
Oracle (NYSE: ORCL) stock fell 4.9% after the software giant missed quarterly revenue estimates, but remained confident its recent acquisition of electronic medical records firm Cerner will boost future sales.
Ulta Beauty (NASDAQ: ULTA) stock fell 1.8% with the beauty retailer caught up in the overall negative sentiment despite beating quarterly expectations for sales and profit and issuing strong guidance for the coming year.
General Motors (NYSE: GM) stock fell 0.1% after the auto giant said it was offering buyouts for most of its salaried employees and expects to take a pretax charge of up to $1.5B to cover the costs.
DocuSign (NASDAQ: DOCU) stock slumped 14% after the electronic signature company announced that Chief Financial Officer Cynthia Gaylor will step down after just over two years in the role, raising concerns about the future even after fourth-quarter results beat expectations.
Zumiez (NASDAQ: ZUMZ) stock fell 10% after the specialty clothing store issued disappointing guidance for the current quarter, overshadowing a solid fourth quarter.
Roblox (NYSE: RBLX) stock rose 3.1% after Jefferies upgraded its investment stance on the online game creator to ‘buy’ from ‘hold’, calling it one of the fastest-growing internet companies.
United Airlines (NASDAQ: UAL) stock rose 1.1% after Barclays upgraded the carrier to ‘overweight’ from ‘equal-weight’, seeing the stock surging more than 50%.