Today's Pre-Market Stock Movers: AMZN, LAZR, WBA, SI and More
Gapping up
$Amazon(AMZN.US$ +2% (The company announce that it's cutting 18,000 jobs, becoming the latest technology company to cut back after expanding rapidly during the pandemic.)
$Western Digital(WDC.US$ +5% (Western Digital and Japan's Kioxia Holdings resumed merger talks, according to a Bloomberg News report that cited sources familiar with the matter.)
$Luminar Technologies(LAZR.US$ +4% (The maker of vehicle "lidar" announced new technology, and said in a trade show that it met 2022 performance goals.)
$Novocure(NVCR.US$ +75% (its pivotal LUNAR study in non-small cell lung cancer met its primary endpoint.)
$Vyant Bio(VYNT.US$ +111% (the company initiated a review of strategic alternatives.)
Gapping down
$Walgreens Boots Alliance(WBA.US$ -2% (The company reported fiscal first quarter earnings that beat analyst estimates. The company also raised its full-year revenue outlook partly due to its U.S. health care segment's acquisition of Summit Health.)
$Silvergate Capital(SI.US$ -43% (it said digital asset deposits tumbled by $8.1 billion from Sep. 30 through the end of the year to just $3.8 billion amid a "crisis of confidence" in the sector following FTX's collapse. The bank said it was forced to sell $5.2 billion in debt to cover withdrawals and recorded a in a $718 million loss in the fourth quarter on that sale.)
$Coinbase(COIN.US$ -6% (Cowen downgraded the stock citing the difficult macro environment and lingering concerns about the failure of FTX. )
$CrowdStrike(CRWD.US$ -2% (Jefferies downgraded the stock to hold from buy, saying 2023 "will be a more challenging fundamental year for growth names." The firm expects less upside for CrowdStrike from here.)
$The Wendy's Co(WEN.US$ 2% (The company was downgraded to perform from outperform by Oppenheimer. The firm believes the stock's risk/reward and valuation are now fairly balanced.)
$Shopify(SHOP.US$ -2% (Jefferies downgraded Shopify to a hold from a buy rating, citing uncertain macro challenges ahead for the e-commerce stock.)
$American Express(AXP.US$ -1.48% (The company was downgraded by Stephens on Thursday to underweight from equal weight. The firm's analysts, concerned about American Express' cushion heading into a recession, also cut their price target to $134 per share from $146 and slashed their 2023 EPS estimates by 8%.)
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