Midday Market Movers: Silvergate Capital, Bed Bath & Beyond, Walgreens, CrowdStrike and More

Silvergate's shares took a nosedive after the company revealed that its customers had withdrawn massive amounts of money during the fourth quarter. According to Silvergate, $3.8 billion in assets were withdrawn by digital asset customers by the end of December - a decrease of more than 60% from just three months earlier. To cover the withdrawals, Silvergate sold off $5 billion in debt securities - incurring a loss of $718 million in the process.

Bed Bath & Beyond is in big trouble. The home goods retailer plunged 24% after reporting that it's running out of cash and is considering bankruptcy. The company said it is exploring financial options including restructuring, seeking additional capital, or selling assets. A bankruptcy filing could be in the cards.

Lamb Weston Holdings soared 9% after reporting quarterly earnings and revenue that blew past estimates. The food processing company also raised its financial guidance for the full year.

Walgreens Boots Alliance shares fell more than 8% even though the company beat earnings expectations and raised its full-year outlook. The pharmacy operator posted a net loss due to an opioid litigation settlement.

CrowdStrike's shares fell more than 8% to a new 52-week low after Jefferies downgraded the company from "buy" to "hold." The firm said that 2023 will be a more challenging year for growth names.

Constellation Brands' shares fell 8.8% after the company's quarterly earnings came in slightly lower than expected, according to FactSet. The company reported that wine and spirits sales slipped for the quarter, and shipments declined by 14.8%.

Shopify's shares fell more than 4% after Jefferies downgraded the company to a hold from a buy rating. The investment firm cited uncertain macro challenges ahead for the e-commerce stock as its reason for the downgrade.

Conagra Brands' shares rose by nearly 3% after the company released its latest earnings results, which were better than expected. The food company reported earnings of 81 cents per share on revenue of $3.31 billion. This was higher than the consensus estimates of 66 cents per share on revenue of $3.28 billion. Conagra Brands also raised its fiscal 2023 guidance, which is positive news for investors.

Amazon announced that it is cutting 18,000 jobs, becoming the latest technology company to reduce its workforce after expanding rapidly during the pandemic. The e-commerce giant's stock fell nearly 2% on the news.

GE Healthcare Technologies' shares fell 3% on their second day of trading, after rallying 8% on Wednesday. The company was spun off from General Electric as part of the conglomerate's plan to break up into three separate companies. GE's energy segment is expected to split off next year, leaving GE to focus solely on aviation.

Stephens downgraded American Express to underweight from equal weight, citing concerns about the company's financial cushion heading into a potential recession. The firm cut its price target on the stock to $134 per share from $146.

Ally Financial dipped 1.8% after Bank of American downgraded the stock to a buy. The bank said that slowing loan demand could hurt the company.