Silvergate Capital Tumbles 50%; Credit Suisse Falls 4%

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, and MongoDB fall premarket; Hilton, Uber rise By” Canada, 9 Mar. 2023,

1. “Stocks Making the Biggest Premarket Moves: Silvergate, Etsy, SVB Financial, Uber & More” NBC San Diego, 9 Mar. 2023,

2. “Markets Today: Stock Indexes Rise as Labor Market Softens” Barchart, 9 Mar. 2023,

3. “These 2 Stocks Are Feeling the Heat After Hours Wednesday” The Motley Fool, 8 Mar. 2023,

4. “After-hours movers: Silvergate plunges on liquidation, Asana jumps on EPS, CEO’s plans to buy stock By”, 8 Mar. 2023,

5. “Dow futures flat, Asana pops 28.2% after earnings By”, 8 Mar. 2023,

6. “Stock Market Clings Onto Small Gains; More Banks Have A Rough Day” Investor’s Business Daily, 9 Mar. 2023,

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,