By Liz Moyer
Investing.com — Stocks are falling as the shutdown of SVB Financial sends shockwaves through the banking sector. Here are the midday movers for March 10.
- DocuSign Inc (NASDAQ:DOCU) shares were down 21% after it reported better-than-expected revenue and a profit for the fourth quarter. Analysts expressed concerns about the departure of its CFO later this year. JPMorgan Chase analysts cut their rating to Underweight from Neutral.
- Oracle Corporation (NYSE:ORCL) shares were down 4.2% after the software maker reported lower-than-expected revenue in the recent quarter, though it was up 18% from the same quarter a year ago.
Signature Bank (NASDAQ:SBNY) shares were down 23% as banks got caught in a sell-off after the closure of SVB Financial, which tried and failed to raise capital. First Republic Bank (NYSE:FRC) shares are also down 22% and Charles Schwab (NYSE:SCHW) shares are down 7.8%.
- Gap Inc (NYSE:GPS) shares were down 6% after the casual clothing retailer posted a wider quarterly loss than one year ago and declining revenue that fell short of expectations.
Allbirds Inc (NASDAQ:BIRD) shares were down 45% after the footwear maker said it was overhauling its strategy and shuffling management. For the fourth quarter, its loss was wider than a year ago and sales fell 13%.