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Check out the companies making the biggest moves midday:
General Electric — The stock gained 6.3% after the company provided an update ahead of its investor meeting, including reaffirming its 2023 guidance with high-single-digit organic revenue growth, adjusted earnings per share of $1.60-$2 and free cash flow of $3.4 billion to $4.2 billion.
Silvergate Capital — The crypto lender’s stock sank 23% after the company announced it will wind down operations and liquidate Silvergate Bank. The bank has been struggling for months, including reporting a $1 billion net loss in the fourth quarter.
SVB Financial — Shares of the financial services company’s stock tumbled 46% after the firm said it intends to offer $1.25 billion of its common stock and $500 million of depositary shares. SVB Financial also cut its first-quarter net income guidance.
Asana — Shares soared 19.6% after the company reported a fourth-quarter adjusted loss of 15 cents per share, less than the 27-cent lost expected by Refinitiv. Revenue came in at $150.2 million, topping the $145 million expected. CEO Dustin Moskovitz also said he was buying 30 million shares.
BJ’s Wholesale Club — Shares gained 5.1% after the wholesale retailer company reported adjusted earnings of $1 per share, beating StreetAccount’s estimate of 88 cents per share. Revenue also topped expectations.
Duckhorn Portfolio — The luxury winemaker rallied 6.3% after reporting fiscal second-quarter revenue that topped Wall Street’s expectations. Revenue came in at $103.5 million compared to the $101.7 million expected. Adjusted earnings per share came in 1 cent ahead of estimates at 18 cents.
PayPal — Shares of the payments technology platform gained 3.5% following CEO Daniel Schulman’s comments at a conference that the company is seeing strength beyond what was expected across the business. He also noted that discretionary spending is starting to come back as inflation cools.
MongoDB —…
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