Last Updated on March 10, 2023 by Bitfinsider
SVB Financial — Shares of Silicon Valley Bank fell more than 40% in early morning trading after the company revealed a plan to raise more than $2 billion in capital to help balance losses on bond sales on Thursday. For a second day, the news weighed on the overall banking industry, with First Republic Bank down 7.5% in premarket trading and crypto-focused Signature Bank down 4%. Zions Bancorporation dropped 2%. SVB ended down 60% in the prior session.
Allbirds — The footwear retailer’s stock dropped more than 22% after it failed to record year-over-year quarterly sales increase for the first time in its existence. Allbirds also revealed a wide transformation plan as well as a new leadership team.
DocuSign — Despite a profit and sales beat, the electronic signature tool fell nearly 14%. DocuSign, on the other hand, revealed that CFO Cynthia Gaylor would stand down later this year. JPMorgan also cut the company from neutral to underweight. The company mentioned deteriorating demand patterns, possible rivalry from Microsoft, and Gaylor’s departure as reasons for its decision.
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