Signature Bank, First Republic, Oracle And More Stocks Making Big Midday Moves

‍Allbirds

After the footwear retailer missed Wall Street's expectations for its fourth-quarter results, shares of the company plunged by 40%. Moreover, the company has reported its first year-over-year decline in its sales since the beginning of the year. In addition to the new business strategy, Allbirds also announced a shake-up in its management team. The company was downgraded earlier in the week by Baird after it reported disappointing earnings.

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Oracle

After a mixed third-quarter earnings report, the stock of the information technology company dropped 3.2%. In the third quarter, Oracle reported adjusted earnings of $1.22 per share, higher than the $1.20 per share expected by analysts surveyed by Refinitiv. However, revenue came in below expectations, with the company recording $12.40 billion as opposed to the $12.42 billion analysts were expecting.

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Charles Schwab

Investors sold off financial companies with perceived weaker deposit bases, pushing Charles Schwab down 7.4% on Friday.

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DocuSign

Despite the fact that the company's fourth-quarter results exceeded expectations, shares of the electronic signature platform plunged 19%. However, after DocuSign announced its Chief Financial Officer Cynthia Gaylor would be stepping down later this year. JPMorgan also downgraded the stock from neutral to underweight, citing deteriorating demand trends, potential Microsoft competition, and Gaylor's departure. 

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Signature Bank

During the past two days, shares of Signature Bank, one of the main banks in the cryptocurrency industry, have fallen 23% due to a selloff in bank stocks that have been led by Silicon Valley Bank, which is now in its second day. The bank's shares had fallen more than 32% earlier in the day and briefly were halted on account of volatility in the market.

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PacWest Bancorp, Western Alliance Bancorp, First Republic Bank

As a result of a significant sell-off in the stock market sparked by Silicon Valley Bank, regional banks' shares suffered major losses during Friday's trading session. There was a 30% decline in PacWest, a 45% decline in Western Alliance, and a 19% dip in the First Republic. 

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Caterpillar

In response to UBS downgrading Caterpillar to sell from neutral, the industrial giant's shares dropped by 3%.

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Gap

There has been a drop of more than 6% in the stock of the apparel retailer after it posted a big quarterly loss, declining sales, and a series of executive changes while it searches for a permanent CEO. The company also reported weaker-than-expected guidance for its first quarter as well as full-year revenue, according to Refinitiv data.