Movers: Allbirds, DocuSign, Gap, Oracle, SVB, Signature Bank, Vail Resorts

Scott Peters
10 Mar, 2023
New York City

SVB Financial Group was halted in the early trading and later in the day the FDIC announced the takeover of the bank after customer deposit withdrawals accelerated in the week. 

The California Department of Financial Protection and Innovation assigned the bank's assets to the Federal Deposit Insurance Corporation, according to the press release by the regulator.  

SVB carried a total deposit of $175.4 billion and assets of $209 billion at the end of 2022, according to the company documents. 

Signature Bank plunged 21% to $71.35 following the closure of Silicon Valley Bank and troubles at Silvergate Capital Corp. 

Regional banks M&T Bank, Fifth & Third Bank, KeyCorp, and Comercia declined between 2% and 5%. 

Allbirds Inc plunged 44% to $1.34 after the company said quarterly sales declined for the first time in its history and also announced a restructuring plan including shakeup in executive ranks. 

Revenue in the fourth quarter declined 13% to $84.2 million from $97.2 million and net loss expanded to $24.8 million from $10.4 million and diluted loss per share rose to 17 cents from 9 cents a year ago. 

In the full-year 2022, revenue increased 7% to $297.8 million and net loss increased to $101.3 million from $45.4 million and diluted loss per share rose to 68 cents from 65 cents a year ago.  

DocuSign Inc dropped 20.1% to $51.46 after the electronic signature platform operator reported revenue and earnings ahead of expectations. 

The company also announced chief financial officer Cynthia Gaylor would step down in the next few months. 

The e-signature company said revenue in the fourth quarter ending in January 14% to  $659.6 million and the company swung to a profit of $4.8 million from a loss of $30.4 million and diluted earnings per share was 2 cents compared to a loss of 15 cents a year ago. 

In the full-year 2022, revenue increased 19% to $2.5 billion and net loss expanded to $97.5 million from $70.0 million and diluted loss per share rose to 49 cents from 36 cents a year ago. 

Gap Inc declined 3.5% to $11.07 after the specialty apparel retailer reported a fall in quarterly revenue and larger loss. 

Revenue in the fourth quarter declined 6% to $2.4 billion and net loss expanded to $273 million from $16 million or diluted loss per share rose to 75 cents from 4 cents a year ago. 

In the full-year 2022, revenue decreased to $15.6 billion from $16.7 billion and the company swung to a net loss of $202 million from a profit of 256 million and diluted earnings per share was ($0.55) compared to 67 cents a year ago.  

Oracle Corporation declined 2.7% to $84.46 after the database company reported, slightly lower-than-expected, revenue of $12.4 billion in its latest quarter.

Revenue in the fiscal third quarter ending in February rose 18% to $12.4 billion from $10.5 billion and net income decreased 18% to $1.9 billion from $2.3 billion and diluted earnings per share fell to 68 cents to 84 cents a year ago.