Raphael Stevens

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    Stocks making the biggest moves after hours: Silvergate Capital, Salesforce, Snowflake, Okta and more

    Pedestrians near Salesforce Tower in San Francisco, California, on Wednesday, Jan. 25, 2023.
    Marlena Sloss | Bloomberg | Getty Images

    Check out the companies making headlines after the bell: 
    Salesforce — Salesforce shares popped more than 16% in extended trading after the software company surpassed analysts’ expectations for the fiscal fourth quarter, according to Refinitiv. The company also shared stronger-than-expected guidance for the fiscal first quarter and full year.

    Silvergate Capital – Silvergate Capital shares plunged more than 22% in extended trading after the crypto-focused bank filed to delay its 10-K annual report.
    Snowflake — Shares of Snowflake fell 7% despite posting a top-and-bottom line beat for the recent quarter, according to Refinitiv. The cloud company shared lighter-than-expected product revenue guidance for the current period. Snowflake also announced a $2 billion buyback plan.
    Okta — Okta shares rallied about 13% in extended trading after topping expectations for the fourth quarter, according to analysts surveyed by Refinitiv. The identity management company also shared strong revenue and EPS guidance for the current period, including an unexpected profit. Full-year EPS guidance that came in well above expectations.
    American Eagle Outfitters — The retail stock jumped more than 6% postmarket after beating analysts’ expectations for the holiday quarter, according to Refinitiv. American Eagle Outfitters posted adjusted earnings of 37 cents a share on revenue of $1.50 billion.
    Splunk – Splunk shares slipped 1% after the software company issued revenue guidance for the first quarter and full year that fell short of analysts’ estimates, according to FactSet. Separately, the company beat on the top and bottom lines for the fourth quarter.

    Box – The cloud storage company’s shares tumbled 9% after Box posted its latest quarterly results. The company offered weak guidance for the first quarter. Nevertheless, Box beat analysts’ estimates on the top and bottom line for the fourth quarter, according to Refinitiv.
    Celsius Holdings — The energy drink maker’s stock slipped more than 3% postmarket after sharing an unexpected loss for the fourth quarter, according to FactSet. Revenue also came in lighter than expected.
    Pure Storage — Shares of the data storage developer dropped nearly 8% after hours after reporting fourth-quarter revenue that fell short of analysts’ expectations, according to FactSet. Full-year revenue growth guidance also fell short of what Wall Street anticipated.
    Plug Power – Shares of the hydrogen fuel cell company slipped 3%. Plug posted a per-share loss of $1.25 for the full year, wider than the $1.10 per-share loss analysts expected, according to FactSet.
    — CNBC’s Darla Mercado contributed reporting

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    America’s property market suggests recession is on the way

    Springtime in America, which is just around the corner, brings many fine traditions. The crack of the bat on baseball diamonds. Children rolling Easter eggs on the White House lawn. Families putting out dusty, old furniture in yard sales. There is, though, one ritual that towers above all others in its sheer financial importance: spring selling season, when the housing market comes to life—or, on rare occasions, fails to do so. It may be the single biggest determinant of the global economic outlook for the rest of this year, with a recession at one end of the spectrum and the softest of landings at the other.The importance of American housing resides not so much in its absolute size, big though it is at about $45trn in total value. Rather, it serves as a bellwether of the economy’s performance amid rising interest rates. Has the Federal Reserve lifted by rates enough to calm inflation without crushing growth? Has it gone too far? Or, perhaps, not far enough? As one of the earliest and largest sectors to react to changes, the property market offers answers.Until the past month, the evidence seemed clear. Even before the Fed started jacking up its policy rate, mortgage lenders, anticipating the bank’s tightening, had started charging more. From 3% at the end of 2021, the rate on 30-year fixed mortgages surpassed 7% by October, the highest in more than two decades. Lo and behold, activity quickly tailed off. Buyers stayed on the sidelines. Builders scaled back new construction projects. Sellers trimmed prices. So far, so predictable.But recently, signs of an early and largely unexpected rebound have emerged, prompting concerns that higher rates are not having the desired effect. New home sales jumped in January to a ten-month high. Surveys gauging the confidence of both homebuilders and homebuyers have improved. America’s property companies have reported more visitors to their show homes. “We have seen the momentum build week after week,” reports Sheryl Palmer, chief executive of Taylor Morrison, one of the country’s biggest homebuilders.The case for optimism is that America’s property market has found a floor. Buyers are returning but the covid-era frenzy is not. A decent spring season could, in theory, allow house prices to stabilise and builders to resume construction, boosting growth without stoking inflation. The case for pessimism rests on the idea that the interaction between the property market and inflationary trends is too powerful to ignore: if buyers return to a supply-constrained housing market, price rises will follow. And if the Fed sees that such a rate-sensitive sector as property is not responding to tighter monetary policy, it may judge that it needs to be more hawkish. More

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    Stocks making the biggest moves midday: Lowe’s, 3M, First Horizon, Nio and more

    The Lowe’s logo is displayed on the front of the store near Bloomsburg.
    Paul Weaver | Lightrocket | Getty Images

    Check out the companies making the biggest moves midday:
    Lowe’s — Shares fell 5.56% after the home improvement retailer’s fiscal fourth-quarter sales fell short of Wall Street’s expectations, with revenue coming in at $22.45 billion versus the $22.69 billion estimate from Refinitiv. While it topped EPS estimates, Lowe’s gave sales guidance for 2023 that missed expectations.

    3M — The stock gained 2.29% following 3M’s announcement that Department of Defense records show the vast majority of the claimants in the Combat Arms earplug litigation against the company have no hearing impairment.
    First Horizon — Shares sank 10.62% after its acquisition by Toronto-Dominion Bank was delayed. TD informed First Horizon that it doesn’t expect the necessary regulatory approvals to be received in time to complete the merger by May 27, according to a filing with the Securities and Exchange Commission. TD said it could not provide a new projected closing at this time, but said in an email to Bloomberg that it was committed to the transaction.
    Sarepta Therapeutics — The biotech stock surged 19.24% after Morgan Stanley upgraded it to overweight from equal weight. The Wall Street firm said Sarepta Therapeutics’ path for its investigational gene therapy for Duchenne muscular dystrophy (DMD), SRP-9001, now appears “de-risked.”
    Rivian Automotive — Rivian’s stock plummeted 18.34% after the car manufacturer posted mixed fourth-quarter results. Rivian also shared an electric vehicle production outlook that fell short of analysts’ expectations.
    Nio — Shares of the Chinese electric vehicle company dropped 5.96% after the firm reported a widening net loss in the fourth quarter. The stock has fallen more than 8% year to date, following a nearly 70% loss in 2022.

    Monster Beverage — The beverage producer dropped 2.53% after missing expectations of analysts polled by FactSet for fourth-quarter earnings. Monster posted 57 cents in per-share earnings, which is 6 cents below the consensus estimate. Quarterly revenue came in at $1.51 billion, below the $1.6 billion expected. Additionally, the company announced a two-to-one stock split.
    Marqeta — Shares sank 22.41% after being downgraded by JPMorgan to neutral from overweight. The firm cited uncertainty over the company’s growth for its move to the sidelines.
    Novavax — The vaccine developer’s stock price dropped 25.92% after it said on Tuesday that “substantial doubt exists regarding our ability to operate as a going concern” through the next year.
    First Solar — Shares of First Solar gained 15.69% after the solar company issued full-year guidance on Tuesday that came out ahead of expectations on per-share earnings and revenue. First Solar reported a fourth-quarter loss of 7 cents per share compared with a 17 cent per-share loss expected by analysts surveyed by FactSet. The company’s revenue was in line with analysts’ expectations of $1 billion.
    AMC Entertainment — Shares of the movie-theater chain dropped 7.98% a day after AMC reported a wider-than-expected loss for the fourth quarter. AMC lost 26 cents per share, compared with the 21 cents expected by analysts according to Refinitiv, even though revenue came in ahead of estimates.
    Warby Parker — The stock lost 5.76% after being downgraded to neutral from buy by Citi, who said the eyeglass company’s growth outlook was “too blurry.”
    Red Robin Gourmet Burgers — The restaurant chain’s stock soared 27.14%. Benchmark upgraded Red Robin to buy from hold, saying a turnaround story is underway. The company posted its latest quarterly results after the bell Tuesday, with an adjusted fourth-quarter loss of $1.35 per share compared to analysts’ estimate of a per-share loss of 62 cents, according to FactSet.
    Ambarella —The semiconductor stock shed 11.49% after being downgraded to neutral from buy by Roth MKM. The Wall Street firm cited “inventory digestion” for the call. Ambarella gave first-quarter guidance that missed analysts’ expectations on Tuesday, according to FactSet.
    — CNBC’s Alex Harring, Jesse Pound, Sam Subin, Pia Singh and Yun Li contributed reporting.

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    Peloton hires former Twitter executive Dalana Brand to be chief people officer

    Peloton has tapped former Twitter executive Dalana Brand to be its new chief people officer as the company continues its transformation.
    The fitness company, known for its Bike and Bike+, has brought in two former Twitter executives in recent weeks.
    CEO Barry McCarthy said the hire completes the leadership team buildout he’s been working on for a year.

    Dalana Brand, new Peloton Chief People Officer.
    Courtesy: Peloton

    Peloton said Wednesday it hired former Twitter executive Dalana Brand to be its new chief people officer, as the fitness company continues its transformation and attempts to return to profitability. 
    The hire – the second executive appointment to come from Twitter in recent weeks – completes the leadership team CEO Barry McCarthy has been building since he took over the company from founder John Foley last February, he said in a statement. 

    “Talent density has been a top priority for me at Peloton. Dalana’s addition is the culmination of that strategy, rounding out and completing the leadership team,” McCarthy said. “As we continue Peloton’s transformation and pivot to growth, her vision and leadership will be critical to our success.”
    Brand, who previously served as the chief people and diversity officer at Twitter, resigned in November days after Elon Musk bought the social media giant, took it private and installed himself as its CEO, throwing the company into turmoil.
    She follows behind Leslie Berland, the former chief marketing officer of Twitter, who took the same job at Peloton in mid-January. She also left the social media company soon after Musk took over. 
    Brand will serve an important role at Peloton as the company seeks to retain talent, attract new hires and boost morale after McCarthy issued in a new era of fiscal rigor at the once-profitable company and laid off more than half of its staff. 
    Current and former employees previously told CNBC the transition has been difficult at times and morale has fluctuated. 

    Peloton has been looking to fill the role since October after its former chief people officer, Shari Eaton, left the company as a series of other executives vacated their posts, including co-founder and former chief legal officer Hisao Kushi and former marketing head Dara Treseder.
    “I’ve made a career out of fostering inclusive employee experiences and leading with transparency and accountability,” Brand said in a statement. “I’m thrilled to join the team at Peloton as the company continues striving to make fitness accessible for all.” 
    In a news release, Peloton touted Brand’s “strong reputation for organizational transformation” across multiple industries. While at Twitter, she led the company’s global workforce and helped speed up its processes to make the workplace more inclusive. 
    She previously served as vice president of total rewards for Electronic Arts and held senior leadership roles at Whirlpool Corporation. 
    Brand starts the new job on March 13 and will report to McCarthy. 

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    David Einhorn says investors should be ‘bearish on stocks and bullish on inflation’

    Greenlight Capital’s David Einhorn believes inflation and interest rates could surprise to the upside.
    “I think we should be bearish on stocks and bullish on inflation,” Einhorn said Wednesday.
    Einhorn just scored “an exceptionally good year” with a 36.6% return in 2022.

    Greenlight Capital’s David Einhorn said Wednesday he’s keeping his negative stance on the stock market as inflation and interest rates could shoot higher.
    “I think we should be bearish on stocks and bullish on inflation,” Einhorn said on CNBC’s “Halftime Report.” “I think we’re in a policy now, which is probably pretty good for Main Street, but it’s going to be difficult and increasingly difficult for financial assets.”

    The star hedge fund manager believes the Federal Reserve could have more work to do to combat stubborn price pressures, lifting interest rates even higher than consensus expectations. The central bank has taken interest rates to a target range of 4.5%-4.75%, the highest since October 2007.
    “I think that both long- and short-term rates are headed higher and probably higher than what people are expecting,” Einhorn said.
    Treasury yields have surged over the past year on the back of a series rate hikes. The benchmark 10-year Treasury yield on Wednesday topped 4% for the first time since November. Shorter-term rates surged even higher, with 6-month and 1-year yields topping 5% for the first time since 2007. Bond prices and yields move inversely.
    “The Fed does want stock prices lower. They’ve made that clear,” Einhorn said. “I think it would be better if they cared less about the stock market in either direction.”
    Einhorn just scored “an exceptionally good year” with a 36.6% return in 2022, thanks in part to his short position in a slew of innovative technology stocks like those touted by growth investor Cathie Wood.

    The hedge fund manager said in a recent investor letter that 2022 in many ways was his best year ever and the period was most comparable to 2001, the year after the last tech bubble popped. He also revealed that he is still short some “bubble” names.
    The widely followed investor said his hedge fund is net long by a relatively small amount and he has a strong conviction in the value picks in his portfolio.
    “I have a pretty conservative view towards which way the overall market would go, but I’m very excited about a number of the positions in my long portfolio because they’re just ridiculously inexpensive and returning tons of capital,” Einhorn said.
    At the end of 2022, Greenlight’s biggest long position included Green Brick Partners, Brighthouse Financial and Consol Energy. He previously said his hedge fund’s significant winners in 2022 included Atlas Air Worldwide, Consol Energy, Teck Resources and merger arbitrage play Twitter.

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    Sen. Bernie Sanders calls vote on possible subpoena for Starbucks CEO Howard Schultz over allegations of union-busting

    Sen. Bernie Sanders said the Senate’s HELP Committee will vote March 8 on whether to issue a subpoena for Starbucks CEO Howard Schultz.
    Schultz previously declined to appear at the Senate hearing on allegations of union-busting.
    Nearly 290 company-owned Starbucks cafes in the U.S. have voted to unionize as of mid-February, according to a tally from the National Labor Relations Board.

    Starbucks Chairman and former CEO Howard Schultz
    Jason Redmond | AFP | Getty Images

    Sen. Bernie Sanders is making good on his threat of a subpoena for Starbucks CEO Howard Schultz on what Sanders has called union-busting activity at the company’s coffee shops.
    Sanders said Wednesday that the Senate’s Health, Education, Labor and Pensions, or HELP, Committee will vote March 8 on whether to issue a subpoena for Schultz, who previously declined to appear in front of the committee.

    Sanders said in a statement that Schultz has denied meeting and document requests and refused to answer questions from him and his fellow senators.
    “Unfortunately, Mr. Schultz has given us no choice, but to subpoena him,” Sanders said in a statement.
    Starbucks said it would keep talking to Sanders’ staffers about the heating.
    “This is a disappointing development, but we will continue our dialogue with Chairman Sanders’ staff and are optimistic that we’ll come to an appropriate resolution,” Starbucks spokesperson Andrew Trull said in a statement to CNBC.
    The HELP committee originally scheduled a hearing for March 9 about the coffee chain’s handling of its baristas’ union push and invited Schultz to testify.

    However, Starbucks general counsel Zabrina Jenkins wrote in a letter viewed by CNBC that since Schultz is stepping down as interim CEO in March, it makes more sense for another senior leader with ongoing responsibilities to testify. The company instead put forward Chief Public Affairs Officer AJ Jones II as the best person to address the committee.
    In response, Sanders, who chairs the Senate committee, hinted that lawmakers could compel Schultz to appear by issuing a subpoena.
    Schultz owns 1.9% of Starbucks’ shares, according to FactSet. The company’s market value stands at about $124.6 billion.
    Nearly 290 company-owned Starbucks cafes in the U.S. have voted to unionize as of mid-February, according to a tally from the National Labor Relations Board. Schultz has pushed back aggressively against the union, and workers have accused the company of breaking federal labor law, leading to scrutiny from sympathetic lawmakers such as Sanders.
    The allegations of union-busting have damaged Starbucks’ reputation as a progressive employer, although they don’t appear to have hurt the company’s U.S. sales. The chain reported U.S. same-store sales growth of 10% for its latest quarter, boosted by strong demand over the holiday season.

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    Schumer, Jeffries pressure Murdoch, Fox News over Trump’s false election fraud claims

    Senate Majority Leader Chuck Schumer and House Minority Leader Hakeem Jeffries are calling foul on Rupert Murdoch.
    The top Democrats in Congress sent a letter to Murdoch, urging Fox News leadership “to stop spreading false election narratives.”
    Court papers revealed that Murdoch said some of the anchors on Fox News parroted false election fraud claims in the months after the 2020 election.

    Members of Rise and Resist participate in their weekly “Truth Tuesday” protest at News Corp headquarters on February 21, 2023 in New York City. 
    Michael M. Santiago | Getty Images News | Getty Images

    Two top Democrats in Congress are calling on Fox Corp. Chairman Rupert Murdoch and the leadership of Fox News “to stop spreading false election narratives and admit on the air that they were wrong to engage in such negligent behavior.”
    Senate Majority Leader Chuck Schumer and House Minority Leader Hakeem Jeffries, both Democrats from New York, sent a letter this week to Murdoch and Fox News leadership. The letter comes days after further revelations in Dominion Voting Systems’ $1.6 billion defamation lawsuit against Fox Corp. and its TV networks.

    “As noted in your deposition released yesterday Tucker Carlson, Sean Hannity, Laura Ingraham, and other Fox News personalities knowingly, repeatedly, and dangerously endorsed and promoted the Big Lie that Donald Trump won the 2020 presidential election,” the lawmakers wrote in the letter, which was released Wednesday.
    Trump has repeatedly spread false claims that the election was stolen from him. His attempts to pressure a top official in Georgia to “find” votes for him are the subject of a criminal probe in that state, which Trump lost to Democrat Joe Biden.
    Earlier this week, Dominion filed court papers that revealed parts of the testimony from Murdoch and other top Fox Corp. leadership. In his deposition, Murdoch acknowledged that some of Fox’s top TV hosts endorsed false election fraud claims.
    When Murdoch was asked if he was “now aware that Fox endorsed at times this false notion of a stolen election,” Murdoch responded, “Not Fox, no. Not Fox. But maybe Lou Dobbs, maybe Maria [Bartiromo] as commentators,” according to court papers.
    “Some of our commentators were endorsing it,” Murdoch said in his responses regarding election fraud during the deposition. “They endorsed.” Murdoch and other top Fox executives also remained close to Fox News CEO Suzanne Scott during the election coverage, according to the court papers.

    A representative for Fox didn’t immediately respond to a request for comment.
    On Monday, when the court papers were filed, a Fox News representative said in a statement that Dominion mischaracterized the facts by cherry-picking soundbites, “When Dominion is not mischaracterizing the law, it is mischaracterizing the facts.”
    Dominion sued the right-wing cable networks, Fox News and Fox Business, and their parent company, arguing the networks and their top anchors made false claims that Dominion’s voting machines rigged the results of the 2020 election. Fox News has consistently denied that it knowingly made false claims about the election.
    In court papers filed in February, the parent company said that the past year of discovery has shown Fox Corp. played “no role in the creation and publication of the challenged statements – all of which aired on either Fox Business Network or Fox News Channel.”
    Murdoch and his son Fox CEO Lachlan Murdoch, in addition to Fox’s chief legal and policy officer, Viet Dinh, and Paul Ryan, the former Republican speaker of the House and a Fox board member, have all been questioned in recent months.
    The revelations that have come out in court papers in recent weeks stem from months of discovery and depositions. Top Fox TV personalities, including Carlson and Hannity, also faced questioning.
    The faces of Fox News and Fox Business also expressed disbelief in Sidney Powell, a pro-Trump attorney who aggressively promoted claims of election fraud at the time, according to court papers. Ryan said that “these conspiracy theories were baseless,” and that the network “should labor to dispel conspiracy theories if and when they pop up.”
    The lawsuit has been closely watched by First Amendment watchdogs and experts. Libel lawsuits typically focus on one falsehood, but in this case Dominion cites a lengthy list of examples of Fox TV hosts making false claims even after they were proven to be untrue. Media companies are often broadly protected by the First Amendment. Fox News has said in earlier statements, “the core of this case remains about freedom of the press and freedom of speech.”
    A status conference is slated for next week, while the trial is set to begin in mid-April.
    Read the letter below:
    Dear Mr. Rupert Murdoch et al:
    As noted in your deposition released yesterday Tucker Carlson, Sean Hannity, Laura Ingraham, and other Fox News personalities knowingly, repeatedly, and dangerously endorsed and promoted the Big Lie that Donald Trump won the 2020 presidential election. Though you have acknowledged your regret in allowing this grave propaganda to take place, your network hosts continue to promote, spew, and perpetuate election conspiracy theories to this day.
    The leadership of your company was aware of the dangers of broadcasting these outlandish claims. By your own account, Donald Trump’s election lies were “damaging” and “really crazy stuff.” Despite that shocking admission, Fox News hosts have continued to peddle election denialism to the American people.
    This sets a dangerous precedent that ignores basic journalistic fact-checking principles and public accountability. This is even more alarming after Speaker McCarthy is reportedly allowing Tucker Carlson to review highly sensitive security camera footage of the events surrounding the violent January 6 insurrection.
    We demand that you direct Tucker Carlson and other hosts on your network to stop spreading false election narratives and admit on the air that they were wrong to engage in such negligent behavior.
    As evidenced by the January 6 insurrection, spreading this false propaganda could not only embolden supporters of the Big Lie to engage in further acts of political violence, but also deeply and broadly weakens faith in our democracy and hurts our country in countless other ways.
    Fox News executives and all other hosts on your network have a clear choice. You can continue a pattern of lying to your viewers and risking democracy or move beyond this damaging chapter in your company’s history by siding with the truth and reporting the facts. We ask that you make sure Fox News ceases disseminating the Big Lie and other election conspiracy theories on your network.

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    Netflix announces a ‘Stranger Things’ stage play is coming to London’s West End

    Netflix announced Wednesday that “Stranger Things: The First Shadow,” an adaptation of the popular science fiction series, will premiere in London’s West End later this year.
    The play will take place more than two decades before the show’s first scene and will include characters such as police chief Jim Hopper.
    The play joins a growing array of in-person events inspired by Netflix films and shows like “Bridgerton” and “Glass Onion: A Knives Out Mystery.”

    (L-R) Actors Noah Schnapp, Caleb McLaughlin and actress Sadie Sink pose after the Stranger Things panel during day 2 of Argentina Comic Con 2018 at Costa Salguero on December 08, 2018 in Buenos Aires, Argentina.
    Ricardo Ceppi | Getty Images | NETFLIX

    A new “Stranger Things” stage spinoff is coming to London’s West End later this year, Netflix announced Wednesday.
    “Stranger Things: The First Shadow,” an adaptation of the popular science fiction series, will premiere at the Phoenix Theatre as the streaming giant’s first live stage production.

    The play will be set in 1959 in the fictional town of Hawkins, Indiana, taking place more than two decades before the show’s first scene. In a press release, Netflix said it will include a handful of the show’s main characters, including the town’s police chief, Jim Hopper, and Joyce Byers’ boyfriend, Bob Newby.
    The play — based on an original story by the Duffer Brothers, Jack Thorne and Kate Trefry — was written by Trefry and will be directed by Stephen Daldry, with co-direction from Justin Martin. It will be produced by Sonia Friedman Productions. Thorne also wrote the stage play for “Harry Potter and the Cursed Child.”
    “You will meet endearing new characters, as well as very familiar ones, on a journey into the past that sets the groundwork for the future of ‘Stranger Things,'” Matt and Ross Duffer said in a statement.
    The “Stranger Things” series debuted in 2016 and has been one of the streaming platform’s most popular shows. Its fourth season tops Netflix’s Most Popular English TV list with 1.35 billion hours viewed.
    In Netflix’s most recent shareholder letter, the company said subscribers watched more returning seasons and sequels in 2022 than in any year prior. Netflix blew away subscriber expectations for the fourth quarter, adding 7.66 million paid subscribers during the fourth quarter.

    The play joins a growing array of in-person events inspired by Netflix films and shows, including the immersive multi-city “Stranger Things: The Experience.” Other events have included balls with “Bridgerton” themes and an escape room live experience based on “Glass Onion: A Knives Out Mystery.”
    Netflix has also been gaining traction in the comedy space with a live standup special starring Chris Rock set for March 4, during which he will discuss Will Smith’s Oscar slap.
    Tickets for “Stranger Things: The First Shadow” are expected to go on sale in the spring.

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