Movers: Amazon.com, Bed, Bath & Beyond, Silvergate Capital, Walgreens, Lamb West, Conagra

Scott Peters
05 Jan, 2023
New York City

Amazon.com, Inc declined 1.9% to $83.51 after the online retailer confirmed its plan to lay off 18,000, after rapidly expanding its workforce in the pandemic years by 75% to 1.5 million at the end of the third quarter 2022. 

Bed Bath & Beyond plunged 24.5% to $1.88 after the retailer said that the company is considering filing for bankruptcy and the retailer is running out of  cash on weaker-than-expected sales. 

Silvergate Capital Corp plunged 40% to $13.10 after the cryptocurrency focused bank said its digital asset plunged in the December quarter. 

Total digital assets declined to $3.8 billion at the end of December from $11.9 billion at the end of September quarter. 

Approximately $150 million of the bank's deposits were from customers that have filed for bankruptcy. as of the end of December 2022. 

The company also announced it plans to layoff 200 people or 40% of its staff and plans to end its mortgage warehouse lending business. 

To accommodate sharp withdrawal the bank sold $5.2 billion of debt securities resulting in a loss of $718 million during the fourth quarter of 2022.

Silvergate priced its initial public offering at $12 a share and sold 3.33 million shares on November 6, 2019 and the stock peaked at $219.75 on November 19, 2021 reflecting the peak price of bitcoin in the same month. 

Lamb Weston Holdings increased 9.9% to $96.05 after the supplier of frozen potatoes and vegetables reported a rise in earnings and sales and lifted its full-year estimate. 

Net sales in the quarter ending in November rose 28% to $1.28 billion from $1.0 billion a year ago. 

Net income in the quarter increased to $103.1 million from $32.5 million and diluted earnings per share rose to 71 cents from 22 cents a year ago. 

Conagra Brands Inc increased 2.7% to $39.72 after the food company reported fiscal second quarter results and lifted its current quarter outlook. 

Revenue in the quarter ending in November rose 8.3% to $3.3 billion from $3.1 billion a year ago. Organic net sales increased 8.6%. 

Net income in the quarter increased 39% to $381.9 million from $275.5 million and diluted earnings per share rose to 80 cents from 57 cents a year ago. 

The food company revised higher its second quarter organic sales increase between 7% and 8% compared to a year ago. 

Walgreens Boots Alliance Inc fell 6.4% to $35.09 after the pharmacy chain reported earnings ahead of expectations and lifted its full-year guidance. 

Revenue in the fiscal first quarter ending in November fell 1.5% to $33.3 billion from $33.9 billion a year ago. 

The retailer swung in the quarter to a net loss of $3.72  billion from a profit of $3.58 billion and diluted loss per share was $4.31 from diluted earnings per share of $4.12 a  year ago. 

Walgreens swung to a loss after accounting for $5.2 billion after-tax charge linked to opioid-related claims and litigation.   

The company lifted full-year sales outlook between $133.5 billion and $137.5 billion, reflecting acquisition of Summit Health.