Friday, March 10, 2023

Ouch again Silvergate...

Trade of the Day Wake-Up Watchlist

Good morning Wake-Up Watchlisters! While you're sipping coffee you'll see stock futures inched lower on Friday. Investors are looking at upcoming job data for clues on how the Federal Reserve might behave going forward. Banking stocks also plunged (more on that below) and stocks in the Asia-Pacific also fell on similar factors.

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Here's a look at the top-moving stocks this morning.

SVB Financial Group (Nasdaq: SIVB)

SVB Financial is down 44.03% premarket as fears of a potential run on the bank continue. The bank saw its stock tumble after reports late Thursday that multiple funds were advising their clients to take out their money. The company said it's raising 2.24 billion through a three-part share sale. The first involves 1.25 billion in common stock to investors. The second consists of $500 billion in convertible preferred shares. All of that plus concern about funding is what is tanking those shares today.

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Docusign, Inc. (Nasdaq: DOCU)

Docusign is down 11.16% premarket after its investors were optimisic margins would improve faster after it reduced staff by 10% last month. The electronic signature solutions company reported fourth-quarter net income of $4.86 million, or 2 cents per share, compared with a loss of $30.45 million, or 15 cents a share, in the year-ago period.

 

The Gap, Inc. (NYSE: GPS)

The Gap is down 7.17% premarket after reporting a fourth quarter loss. Revenue came in at $4.24 billion vs. the estimate of $4.36 billion. This compares to a loss of $0.02 per share a year ago. Its guidance for nexf year is also down 5%. Overall, the company it still doesn't have a permanent CEO, which could be playing a role in its instability.

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Oracle Corporation (NYSE: ORCL)

Oracle Corporation is down 4.51% premarket after increasing its dividend by 25% to 40 cents per share. However, three P sales just missed expectations and investors weren't impressed with its cloud revenue and its losses came in at 5%.

 

Those are the biggest stock movers for today.

Happy trading!

The Wake-Up Watchlist Research Team

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