Salesforce, Best Buy, and Macy's make the biggest moves before the bell

‍Salesforce

Cloud software maker shares soared nearly 16% in premarket trading after it beat Wall Street estimates across the board in its latest earnings report. In addition to this, Salesforce also said last year that it would expand its share repurchase program, which was introduced last year.

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Best Buy

As a result of its fiscal year earnings and revenue guidance coming in lighter than expected, consumer electronics retailer Best Buy shed 1.9% of its stock price. The company expects a decline in sales of 3% to 6% for the full year, citing the macroeconomic environment as a reason for its predictions. In spite of this, its quarterly earnings came ahead of expectations.

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Macy’s

According to Refinitiv data, the retailer advanced 7.3% following the announcement that it beat earnings expectations for the quarter and met earnings expectations for the year. Macy's reported a profit per share of $1.71 for the fourth quarter, higher than the $1.57 that analysts expected. The company's revenue came in at $8.26 billion, which was in line with analyst expectations.

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Silvergate Capital

Following two downgrades by analysts following new financial filings by the company, the price of the bank for digital currencies plummeted 37.6%. A warning from JPMorgan stated that it might not be able to meet its financial obligations without liquidating within a year, so the firm moved the stock to underperform from neutral. The firm cited future challenges ahead, citing that the company may not be able to meet its financial obligations. There was a downgrade from buy to hold by Canaccord Genuity, saying the company has been well managed but it wants to move to the sidelines as the dust settles from the recent filing.

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Okta

During the fourth quarter, the digital authentication company posted a 15.8% increase in shares as it beat both top and bottom-line expectations. The company also provided guidance for the current quarter ahead of expectations, while guiding full-year revenue to come in line with expectations and per-share earnings above expectations in the coming year. This resulted in Cowen upgrading Okta from market performance to outperforming a result.

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Dollar Tree

The shares of Dollar Tree, a discount retailer, fell about 2% in premarket trading after JPMorgan downgraded the stock from overweight to neutral. In a note to clients, the investment firm stated that Dollar Tree could experience a slowdown in growth this year as the company laps price increases and makes investments for the future.

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Snowflake

Snowflake's shares fell more than 7% on Thursday premarket despite the company posting a beat on top and bottom lines. Investors had expected Snowflake's guidance for its revenue for the current period to be lighter than what it delivered. There has also been an announcement that the company is repurchasing $2 billion worth of stock.

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Nio

A wide-than-expected loss for Nio's fourth quarter on Wednesday caused the Chinese electric vehicle maker to slash its shares by 1.6%, continuing to fall after Nio reported a greater-than-expected loss on Tuesday. As a result of the company's expectations being too high, JPMorgan downgraded the stock to neutral from overweight on Thursday.

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Anheuser-Busch InBev

Following a disappointing earnings report released by the beer maker, shares of the company dropped by 1%. Analysts polled by StreetAccount reported normalized per-share earnings of 97 cents for the quarter, which was 1 cent lower than the consensus estimate of 98 cents. There was also a disappointment in the company's revenue, with the company posting $14.67 billion as opposed to the $15.21 billion which was expected.

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Getaround

After getting initiated by Roth MKM, the car-sharing company has gained 1.7% since being acquired. Roth MKM said Getaround is a market disruptor and can help users to make better use of legacy vehicles.

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MarketAxess

Atlantic Equities upgraded the shares of the fintech company from neutral to overweight, saying that it is at a "near inflection point for growth." The stock is up almost 25% over the past 12 months but has dropped almost 8% during the previous 12 months.

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On Semiconductor

In response to Raymond James' downgrade of the semiconductor maker from strong buy to outperform, the stock dropped 7.2%. Raymond James said it sees near-term headwinds for the company, but also noted that the stock's valuation is currently higher than average for its industry.

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Tesla

After its investor day, the electric-vehicle maker lost 6.2% of its value. The event was seen by some as lacking specifics by some attendees.

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Coinbase

Bank of America reiterated its underperforming rating and said there is no clarity on U.S. regulatory changes for cryptocurrencies in the near future.