These Stocks Are Moving the Most Today: Silvergate, General Electric, and More

Mar 09, 2023

What Made Big Tech the New Defensive Stock Play? Here Is an Answer.

Thursday saw a decline in stock futures as investors wondered if the U.S. economy may enter a recession due to rising interest rates.

On Thursday, these stocks were ready to change direction:

As creator and chairman Dustin Moskovitz announced plans to purchase up to 30 million shares of Asana's Class A common stock, the stock price of the software business Asana (ASAN) increased by over 23% in premarket trading. Nevertheless, the business stated that it anticipates a fiscal first-quarter loss to be less than Wall Street expectations.

The cloud-based database software firm MongoDB (MDB), whose revenue projections for the fiscal first quarter and year fell short of analysts' predictions, had an 11.5% decline in premarket trading.

After announcing that its subsidiary, the cryptocurrency-focused bank Silvergate Bank, will cease operations and liquidate, Silvergate Capital (S.I.) saw a drop of 43.2%. In a statement made with the Securities and Exchange Commission last week, Silvergate stated that it would postpone the submission of its annual report and was determining if it could keep operating.

An analyst and investor event will be held on Thursday at General Electric's (G.E.) Cincinnati aerospace headquarters. Investors are interested in the company's power-generation industry and the ongoing global aerospace recovery.

Before the stock markets open on Thursday, earnings results from JD.com (J.D.), B.J. 's Wholesale Club (B.J.), and FuelCell Energy are anticipated (FCEL). When Wall Street closes, Oracle (ORCL), DocuSign (DOCU), Ulta Beauty (ULTA), and HashiCorp (HCP) will all release earnings reports.

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Mark Zuckerberg’s Metaverse May Take a Decade to Bloom. Wall Street Still Celebrated

The expansion into the metaverse is likely to take longer to make a profit than traditional software, and it may take a decade before the business is capable of truly raking in cash, said Mark Zuckerberg, CEO of Meta Platforms. Wall Street is still optimistic.

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Expert Opinion: Delisting Chinese Stocks Is Still on the Table. Watchdog Says Hope for a Deal is ‘Premature.’

The PCAOB stated that it is continuing to communicate with Chinese authorities, but it also stated that there are no signs of a weakening of the US position, which needs full access to relevant audit documents, including for corporations in sensitive areas.

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