Stocks making the biggest moves at noon: SBNY, DOCU, ORCL

A sign is displayed in front of Oracle’s corporate headquarters on June 13, 2022 in Redwood Shores, California.

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Find out which companies are making headlines Friday at noon.

Allbirds – Shares fell 40% after the shoe retailer’s fourth quarter results fell short of Wall Street expectations. Additionally, the company recorded its first year-over-year sales decline. Allbirds also announced a new business strategy and management shakeup. Baird previously downgraded the company after its disappointing earnings report.

Oracle – The information technology stock fell 3.2% after a mixed third-quarter earnings report. Oracle posted adjusted earnings of $1.22 per share, higher than the $1.20 per share expected by analysts polled by Refinitiv. But revenue fell short of expectations, with the company recording $12.40 billion versus $12.42 billion forecast by analysts.

Charles Schwab – Charles Schwab fell 7.4% on Friday, fueled by a broader sell-off from investors in financial companies whose deposit bases are perceived to be weaker.

DocuSign — Shares of the electronic signature platform fell 19% even after the company’s fourth quarter results beat expectations. However, after DocuSign announced that CFO Cynthia Gaylor would step down later this year. The stock was also downgraded from neutral to underweight by JPMorgan, which lowered its price target citing deteriorating demand trends, potential competition from Microsoft and the departure of Gaylor.

Signature Bank – Shares of Signature, one of the leading banks in the cryptocurrency space, fell 23% amid a sell-off in bank stocks led by Silicon Valley Bank, which is now at his second day. Earlier in the day, the bank’s shares fell 32% and were briefly halted for volatility.

PacWest Bancorp, Western Alliance Bancorp, First Republic Bank — Regional bank stocks posted steep losses in Friday’s trading session amid the market selloff sparked by Silicon Valley Bank. PacWest fell over 30%, Western Alliance lost over 45% and First Republic fell 19%.

Caterpillar – Caterpillar shares fell 3% after UBS downgraded the industrial giant to sell from neutral, saying the company was overvalued.

Gap – The clothing retailer fell more than 6% after posting a big quarterly loss, falling sales and a series of management changes as it sought a permanent CEO. Gap also announced weaker-than-expected guidance for its first-quarter and full-year revenue, according to Refinitiv.

– CNBC’s Tanaya Macheel, Alex Harring and Hakyung Kim contributed reporting.

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