A sign in front of Oracle headquarters in Redwood Shores, California, June 13, 2022.
Justin Sullivan | Getty Images
Check out the companies in the spotlight on Friday’s midday deal.
allbirds — Stocks fell 40% after the footwear retailer’s fourth-quarter results fell short of Wall Street expectations. Additionally, the company recorded its first year-over-year sales decline. Allbirds also announced a new business strategy and a new management team. Baird previously downgraded the company following its disappointing earnings report.
Oracle — Information technology stocks fell 3.2% after mixed earnings reports in the third quarter. Oracle’s adjusted earnings were $1.22 per share, beating his $1.20 per share forecast by analysts surveyed by Refinitiv. However, earnings fell short of expectations, with the company recording his $12.4 billion versus analysts’ forecast of $12.42 billion.
Charles Schwab — Charles Schwab fell 7.4% on Friday. This was boosted by the sale of a wide range of investors in financial firms perceived to have weak deposit bases.
docusign — Shares of the e-signature platform fell 19%, even after the company’s fourth-quarter earnings beat expectations. But after DocuSign announced that his CFO girlfriend Cynthia Gaylor would be stepping down later this year, JPMorgan also lowered its price target, citing worsening demand trends, potential competition from Microsoft and Gaylor’s departure. downgraded from Neutral to Underweight.
signature bank — Shares of Signature, one of the leading banks in the cryptocurrency industry, fell 23% amid a plunge in banking stocks led by Silicon Valley Bank. Earlier in the day, the bank’s shares dropped as much as 32%, temporarily halting due to volatility.
Pakwest Bancorp, Western Alliance Bancorp, First Republic Bank — Regional bank stocks posted heavy losses during Friday’s trading session amid a massive market sell-off sparked by Silicon Valley banks. PacWest is down over 30%, Western Alliance is down over 45% and First Republic is down 19%.
caterpillar — Caterpillar shares fell 3% after UBS downgraded the company from neutral to sell, calling it overvalued.
gap — The apparel retailer fell more than 6% after heavy quarterly losses, declining sales and a series of executive changes as it searched for a permanent CEO. Gap also reported weaker-than-expected guidance for first-quarter and full-year earnings, according to Refinitiv.
— CNBC’s Tanaya Macheel, Alex Harring, and Hakyung Kim contributed to the report.