Stocks Making the Biggest Moves Midday: Salesforce Macy, Dollar Tree and More
- Shams ul Zoha
- March 8, 2023
- 3:35 pm
WHAT YOU SHOULD KNOW
- Salesforce and Macy’s shares surge on positive earnings reports and forecasts.
- Dollar Tree and Silvergate Capital are downgraded despite better-than-expected earnings.
- Box and Snowflake report mixed results with weaker-than-anticipated guidance.
Salesforce’s share price increased by over 10% after the cloud software company announced its quarterly report, which exceeded Wall Street estimates, and an optimistic forecast. Furthermore, the company is expanding its share buyback program.
Macy’s also saw a 9% increase in its share price after reporting fourth-quarter earnings that exceeded analysts’ expectations.
Tesla’s shares declined by 6% after its investor day, which some investors believed lacked specifics.
Okta’s shares increased by 9% after its quarterly earnings report surpassed Wall Street expectations. It issued better-than-anticipated guidance for the current period.
Despite posting better-than-expected earnings and revenue in the fourth quarter, Dollar Tree shares fell by over 2% after JPMorgan downgraded the discount retailer to neutral from overweight.
Box’s shares slid 14% after the cloud content management platform announced weak guidance for the first quarter, despite beating analysts’ estimates on the top and bottom lines.
Silvergate Capital’s shares tumbled 48% after JPMorgan, and Canaccord Genuity downgraded the stock following the company’s delay in filing its annual report and warning of regulatory inquiries and investigations.
Meanwhile, Snowflake’s shares declined 13% despite beating estimates on the top and bottom lines, with the company’s revenue guidance coming in lighter than expected for the current period. Snowflake also announced a $2 billion stock repurchase program
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