Stocks that move the most at noon: GE, SI, PTN, ETSY

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Check out the companies making the biggest moves at midday:

General Electric – The stock gained 6.3% after the company provided an update ahead of its investor meeting, including reiterating its guidance for 2023 with high single-digit organic revenue growth, adjusted profit per share from $1.60 to $2 and free cash flow from $3.4 billion to $4.2 billion.

Silvergate Capital – Shares of the crypto lender fell 23% after the company announced it would cease operations and liquidate Silvergate Bank. The bank has been struggling for months, including reporting a net loss of $1 billion in the fourth quarter.

SVB Financial – Shares in the financial services company fell 46% after the company announced plans to offer $1.25 billion of its common stock and $500 million of depository stock. SVB Financial also cut its first-quarter net profit forecast.

Asana – Shares soared 19.6% after the company reported an adjusted loss of 15 cents per share in the fourth quarter, less than Refinitiv’s expected loss of 27 cents. Revenue was $150.2 million, beating the expected $145 million. CEO Dustin Moskovitz also said he was buying 30 million shares.

BJ’s Wholesale Club – Shares gained 5.1% after the wholesale company reported adjusted earnings of $1 per share, beating StreetAccount’s estimate of 88 cents per share. Revenue also exceeded expectations.

Duckhorn Portfolio – The luxury winemaker rose 6.3% after reporting fiscal second-quarter earnings that beat Wall Street expectations. Revenue was $103.5 million versus $101.7 million expected. Adjusted earnings per share beat estimates by 1 cent at 18 cents.

PayPal – Shares of the payments technology platform gained 3.5% following CEO Daniel Schulman’s comments at a conference that the company sees strength beyond what was expected in the whole company. He also noted that discretionary spending is starting to come back as inflation cools.

MongoDB — The stock fell 7.9% after the database platform provider offered weak earnings guidance that disappointed investors. However, MongoDB’s fourth-quarter earnings and revenue beat analysts’ expectations.

Etsy – Shares in the online market fell 4.6% following a double downgrade to underperform the Jefferies buy. The company said the company will need to spend more on marketing, which will put pressure on EBITDA as buyer churn increases.

Peloton Interactive – The stock fell 4% after the US International Trade Commission banned imports of video streaming devices made by the fitness equipment maker. A Peloton spokesperson told Reuters the decision would not disrupt service for users. President Joe Biden has 60 days to review the ban before it takes effect.

Credit Suisse – Shares of the Swiss bank traded in the United States fell about 2.2% after Credit Suisse announced it would delay its annual report after receiving comments from the Securities and Exchange Commission. The regulator’s concerns related to revisions to the 2019 and 2020 cash flow statements, the bank said.

Baidu – China’s internet stock fell 6.1% following a Wall Street Journal report that employees are rushing to meet the deadline for the company’s ChatGPT equivalent, which is still struggling to perform some basic functions.

General Motors – Shares in the Detroit-based automaker fell 3% as the company offered a “majority” takeover of its white-collar workers.

– CNBC’s Alex Harring, Samantha Subin and Jesse Pound contributed reporting.

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