Yahoo Finance Live anchor Seana Smith looks at several of the top trending stocks in the first week of 2023.
DAVE BRIGGS: Seana, what’s moving?
SEANA SMITH: All right, Dave, well, it’s certainly been a hectic, chaotic first week for the markets here as we kick off 2023. A number of individual movers either posting pretty significant gains or losses. So let’s get into some of these individual names. We want to kick it off with Bed, Bath & Beyond. The company warning that it could file for bankruptcy. Shares sinking on that news, ending the week off just about 48%, below 2 bucks, hitting a new all-time low. You can see it closing the week at $1.31 a share.
Restructuring expert Drew McManigle, he joined us yesterday, saying that he thinks that company could file for bankruptcy as early as this week. And again, you’re looking at shares off 48% this week. Next up, we have big tech layoffs. That certainly has been a huge story that we’ve been following, both Salesforce and Amazon announcing job cuts. Salesforce is reducing its headcount by about 10%, while Amazon plans to slash 18,000 jobs. It’s the largest cut from Amazon in its history.
Now we are only a week into the new year, but the tech sector at large has already shed more than 25,000 jobs this year. Taking a look at Amazon shares for the week, holding onto gains, up just about 2%. The pop today coming with the broader market rally. Salesforce, on the other hand, looking at gains of just about 6%.
Let’s take a look at Tesla, a huge mover to the downside, posting its biggest one-day drop in two years on Tuesday. Now that massive move that you can see lower on the five-day chart here, coming after its Q4 delivery numbers disappointed the street. And that wasn’t all. News today of price cuts on two of its models in China initially sent shares to the lowest level that we’ve seen since 2020, just above 105 a share before rebounding, actually closing the trading session up just about 2 and 1/2%. That wasn’t, though, enough to offset the losses that we have certainly seen this week with Tesla closing off just about 7%.
And rounding it out with Silvergate, it really has been a huge mover to the downside here over the last two days. We’re looking at losses of about 44%. Now the crypto market bank really moving to the downside, following some news that it had from the fallout of the FTX collapse. It forced the bank to sell assets at a massive loss to cover more than $8 billion in withdrawals.
And JP Morgan, Bank of America, both downgrading Silvergate this week. Morgan Stanley, Wells Fargo, Canaccord cutting their price targets. We also had Moody’s actually downgrading Silvergate’s long-term deposit rating to junk status since closing at a record back in November 2021. Taking a look at the two-year chart, you certainly see a massive move to the downside. Over the past 14 months or so, looking at losses of just about 94%. dave
DAVE BRIGGS: All right, Seana, thank you.