Pre-Market Trading: Silvergate Capital, Walgreens, Amazon and More Showing Significant Movement

Walgreens Boots Alliance's stock fell by around 2% in premarket trading, despite the company reporting fiscal first quarter earnings that beat analyst estimates. The company attributed its raised full-year revenue outlook partly to its U.S. health care segment's recent acquisition of Summit Health.

Amazon has announced that it is cutting 18,000 jobs, leading to a 2% increase in its stock price. This is the latest in a series of cuts made by technology companies that have been expanding rapidly during the pandemic.

Western Digital and Kioxia Holdings have resumed merger talks, according to a Bloomberg News report that cited sources familiar with the matter. This news has caused Western Digital's shares to jump more than 5%.

Shares of Silvergate Capital, a crypto-friendly bank, tumbled more than 43% after it said digital asset deposits had declined by $8.1 billion from September 30 to the end of the year. The bank attributed the decline to a "crisis of confidence" in the sector following the collapse of FTX. Silvergate said it had to sell $5.2 billion in debt to cover withdrawals and recorded a loss of $718 million in the fourth quarter on that sale.

Luminar Technologies' shares rose more than 4% after the company announced new technology and said it had met its 2022 performance goals at a trade show.

Coinbase Global's shares fell more than 6% in premarket trading after Cowen downgraded the stock, citing the difficult macro environment and lingering concerns about the failure of FTX. The downgrade comes a day after Coinbase reached a $100 million settlement with the New York Department of Financial Services over shortcomings in anti-money laundering standards.

Jefferies downgraded CrowdStrike Holdings to "hold" from "buy," saying that 2023 will be a more challenging year for growth names. The firm expects less upside for CrowdStrike from here.

Wendy's shares fell 2% after being downgraded by Oppenheimer. The firm believes that the stock's risk/reward and valuation are now fairly balanced.

Shopify's stock took a hit this morning after Jefferies downgraded the company from a "buy" to a "hold" rating. The investment firm cited macroeconomic challenges as its reason for the downgrade.

Stephens downgraded American Express stock to underweight from equal weight on Thursday, sending the stock down 1.48% in premarket trading. The firm’s analysts are concerned about American Express’s ability to weather a recession, and have cut their price target to $134 per share and their 2023 EPS estimates by 8%.