Shares of MongoDB (NASDAQ:MDB) dropped 9% in after-hours trading late Wednesday afternoon as the cloud-database specialist reported solid growth for the fourth quarter of its 2023 fiscal year, but its guidance for the near future didn’t inspire the confidence that shareholders had wanted.[0] Investors were disappointed after MongoDB provided an outlook on revenue that was less than expected, resulting in a decrease.[1] For the fourth quarter, the company posted earnings and revenue that exceeded expectations.[1]
Silvergate Capital Corporation (NYSE:SI) shares were 34% lower after the company announced its intent to wind down operations and voluntarily liquidate the bank in an orderly manner and in accordance with applicable regulatory processes.[2] According to the plan, all deposits will be repaid, and Silvergate will have to consider the best way to resolve outstanding claims while preserving the value of its remaining assets.[3]
Shares of SVB Financial (NASDAQ:SIVB) dropped 28.9% following the announcement by the commercial bank that it plans to issue $1.25 billion worth of its common stock and $500 million of depositary shares.[2]
Uber (NYSE:UBER) stock rose 2.5% after Bloomberg reported that the ride-hailing firm is weighing a potential spinoff of its freight logistics unit.[4]
The NASDAQ-listed stock of Etsy (ETSY) experienced a 5.1% drop in value after Jefferies adjusted their opinion on the e-commerce crafts platform from ‘buy’ to ‘underperform’, suggesting a decrease in consumer spending.[0]
Tesla (TSLA) dropped 2.1% after U.S. officials announced plans to open a new investigation into a fatal crash in February involving a Model S where an advanced driver assistance system was suspected of having been used.[2]
The Dow Jones Industrial Average dropped 0.2%, the S&P 500 fell 0.2%, and the Nasdaq composite was nearly flat.[5] The Russell 2000, which tracks small-cap stocks, fell 1.2%.[6]
Silvergate Capital (“Silvergate”) shares tumbled 50% after the company announced it will wind down operations and liquidate Silvergate Bank.[7] Approximately seven days ago, the bank cautioned that it may not be capable of remaining in business, and this announcement follows a string of economic struggles and federal probes that occurred in the wake of the FTX downfall, for which the bank was a customer.[1]
The stock price of Credit Suisse (SIX:CSGN) (NYSE
0. “Silvergate, Etsy, JD.com and MongoDB fall premarket; Hilton, Uber rise By Investing.com” Investing.com Canada, 9 Mar. 2023, https://ca.investing.com/news/stock-market-news/silvergate-etsy-jdcom-and-mongodb-fall-premarket-hilton-uber-rise-2927458
1. “Stocks Making the Biggest Premarket Moves: Silvergate, Etsy, SVB Financial, Uber & More” NBC San Diego, 9 Mar. 2023, https://www.nbcsandiego.com/news/business/money-report/stocks-making-the-biggest-premarket-moves-silvergate-etsy-svb-financial-uber-more/3182432/
2. “Markets Today: Stock Indexes Rise as Labor Market Softens” Barchart, 9 Mar. 2023, https://www.barchart.com/story/news/14920762/markets-today-stock-indexes-rise-as-labor-market-softens
3. “These 2 Stocks Are Feeling the Heat After Hours Wednesday” The Motley Fool, 8 Mar. 2023, https://www.fool.com/investing/2023/03/08/these-2-stocks-are-feeling-the-heat-after-hours-we/
4. “After-hours movers: Silvergate plunges on liquidation, Asana jumps on EPS, CEO’s plans to buy stock By Investing.com” Investing.com, 8 Mar. 2023, https://www.investing.com/news/stock-market-news/afterhours-movers-silvergate-plunges-on-liquidation-asana-jumps-on-eps-ceos-plans-to-buy-stock-432SI-3025547
5. “Dow futures flat, Asana pops 28.2% after earnings By Investing.com” Investing.com, 8 Mar. 2023, https://www.investing.com/news/stock-market-news/dow-futures-flat-asana-pops-282-after-earnings-3025566
6. “Stock Market Clings Onto Small Gains; More Banks Have A Rough Day” Investor’s Business Daily, 9 Mar. 2023, https://www.investors.com/market-trend/stock-market-today/stock-market-rises-on-jobless-claims-two-bank-stocks-plunge
7. “Before the Bell: China Dodges US Chip Restrictions, Crypto Bank Liquidates, Tesla Steering Wheels Fall Off – 24/7 …” 24/7 Wall St., 9 Mar. 2023, https://247wallst.com/investing/2023/03/09/before-the-bell-china-dodges-us-chip-restrictions-crypto-bank-liquidates-tesla-steering-wheels-fall-off