Silvergate Capital, Walgreens, Amazon and more


Find out which companies are making headlines and growing in pre-market commerce.

Walgreens Boot Alliance — Pharmacy stocks fell about 2% in premarket trading after the company reported first-quarter financial results that beat analysts’ estimates. The company also raised its full-year revenue forecast in part due to its acquisition of Summit Health, a US healthcare segment.

Amazon – Amazon shares rose nearly 2% after announcing it would cut 18,000 jobs, the latest tech company to cut back after expanding rapidly during the pandemic.

western numeral — Shares rose more than 5% after Western Digital and Japan’s Kioxia Holdings resumed merger talks, Bloomberg News reported, citing people familiar with the matter.

Silvergate Capital – Shares of crypto-friendly bank Silvergate Capital fell more than 43% after it said deposits of digital assets fell by $8.1 billion to just $3.8 billion from September 30 to the end of the year amid a “crisis of confidence” in the industry following the collapse of FTX. . The bank said it had to sell $5.2 billion in debt to recoup the money and lost $718 million on those sales in the fourth quarter.

Light technologies – Shares rose more than 4% after the Lidar car maker announced new technology and said it had met performance targets for 2022 at the show.

Coinbase Global – Shares of the crypto services company fell more than 6% in premarket trading after Cowen downgraded the stock, citing a challenging macro environment and lingering concerns over the failure of FTX. The downgrade comes a day after Coinbase reached a $100 million settlement with the New York Department of Financial Services over deficiencies in its anti-money laundering standards.

CrowdStrike Holdings — Shares fell more than 2% after Jefferies downgraded the stock to buy-to-hold, saying 2023 will be “a tougher fundamental year for growth names.” The company expects fewer advantages for CrowdStrike here.

Wendy’s – Shares of the fast-food chain fell 2% after Oppenheimer downgraded it for performance. The company believes that the risk/reward ratio and the valuation of the stock are now fairly balanced.

Shopify Shares fell more than 2% ahead of the bell after Jefferies downgraded Shopify to a buy rating, citing uncertain macro challenges ahead for the e-commerce stock.

American Express – The stock fell 1.48% in premarket trading after Stevens downgraded it to equal weight on Thursday. Concerned about the youth of American Express as a recession looms, company analysts cut their 2023 EPS estimate by 8%, lowering their price target to $134 from $146.

– CNBC’s Michelle Fox, Yun Lee, Tanaya Macheel and Samantha Subin contributed reporting

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