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. Investors were disappointed after MongoDB provided an outlook on revenue that was less than expected, resulting in a decrease. For the fourth quarter, the company posted earnings and revenue that exceeded expectations.
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. 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.
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.
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.
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.
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.
The Dow Jones Industrial Average dropped 0.2%, the S&P 500 fell 0.2%, and the Nasdaq composite was nearly flat. The Russell 2000, which tracks small-cap stocks, fell 1.2%.
Silvergate Capital (“Silvergate”) shares tumbled 50% after the company announced it will wind down operations and liquidate Silvergate Bank. 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.
The stock price of Credit Suisse (SIX:CSGN) (NYSE
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