Silvergate, Etsy, SVB Financial, Uber and more
Pavlo Gonchar | Lightrocket | Getty Images
Check out the companies making headlines before the opening bell:
Etsy — Shares fell more than 6% in premarket trading after Jefferies doubled down on the online market to underperform purchases. The firm cited the company’s need to spend more on marketing as buyer churn increases.
Silvergate Capital — Shares of the crypto lender fell 50% after the company announced it will wind down operations and liquidate Silvergate Bank. The news comes about a week after the bank warned it may not be able to continue operations, and follows a series of financial challenges and government investigations in the wake of the collapse of FTX, which was a client of the bank.
Uber — Shares of the ride-hailing company rose about 2% in premarket trading after a Bloomberg report that Uber is considering spinning off its freight logistics division. The shipping unit had $1.5 billion in revenue in the fourth quarter.
MongoDB — Shares of the database platform provider soared over 10% in premarket trading. The decline came after MongoDB gave weak revenue guidance that disappointed investors. The company achieved earnings and revenue that beat expectations for the fourth quarter.
SVB Financial — The financial company’s shares fell 30% after the firm announced its intention to offer $1.25 billion of its common stock and $500 million of depository shares.
Credit Suisse — U.S. shares of the Swiss bank fell more than 4% in premarket trading after the company announced it would delay its annual report after receiving comments from the Securities and Exchange Commission. The regulator’s comments were about cash flow statements in 2019 and 2020, the bank said.
LoanDepot — The mortgage lender’s shares fell more than 10% after its fourth-quarter earnings report missed analysts’ expectations. The company reported a loss of 46 cents per share and revenue of $169.7 million. Analysts polled by FactSet had estimated an earnings loss of 27 cents per share and revenue of $190.9 million.
Hilton — Shares in the hotel chain rose 0.5% in premarket after Barclays upgraded the stock to overweight from equal weight, saying the company can weather macro challenges better than its peers.
— CNBC’s Alex Harring and Jesse Pound contributed reporting.