Silvergate Capital, Walgreens, Amazon and more

Check out the companies making headlines and moves in premarket trading.

Walgreens Boots Alliance — The drugstore stock fell about 2% in premarket even after the company reported fiscal first quarter earnings that beat analyst estimates. The company also raised its full-year revenue outlook partly due to its U.S. health care segment’s acquisition of Summit Health.

Amazon — Amazon’s stock gained about 2% after announcing that it’s cutting 18,000 jobs, becoming the latest technology company to cut back after expanding rapidly during the pandemic.

Western Digital — Shares jumped more than 5% after Western Digital and Japan’s Kioxia Holdings resumed merger talks, according to a Bloomberg News report that cited sources familiar with the matter.

Silvergate Capital — Shares of crypto friendly bank Silvergate Capital tumbled more than 43% after it said digital asset deposits tumbled by $8.1 billion from Sep. 30 through the end of the year to just $3.8 billion amid a “crisis of confidence” in the sector following FTX’s collapse. The bank said it was forced to sell $5.2 billion in debt to cover withdrawals and recorded a in a $718 million loss in the fourth quarter on that sale.

Luminar Technologies — Shares rose more than 4% after the maker of vehicle “lidar” announced new technology, and said in a trade show that it met 2022 performance goals.

Coinbase Global — Shares of the crypto services company fell more than 6% in premarket trading after Cowen downgraded the stock citing the difficult macro environment and lingering concerns about the failure of FTX. The downgrade comes a day after Coinbase reached a $100 million settlement with the New York Department of Financial Services over shortcomings in anti-money laundering standards.

CrowdStrike Holdings — Shares declined more than 2% after Jefferies downgraded the stock to hold from buy, saying 2023 “will be a more challenging fundamental year for growth names.” The firm expects less upside for CrowdStrike from here.

Wendy’s — Shares of the fast-food chain dropped 2% after being downgraded to perform from outperform by Oppenheimer. The firm believes the stock’s risk/reward and valuation are now fairly balanced.

Shopify — Shares dipped more than 2% before the bell after Jefferies downgraded Shopify to a hold from a buy rating, citing uncertain macro challenges ahead for the e-commerce stock.

American Express — The stock fell 1.48% in the premarket after being downgraded by Stephens on Thursday to underweight from equal weight. The firm’s analysts, concerned about American Express’ cushion heading into a recession, also cut their price target to $134 per share from $146 and slashed their 2023 EPS estimates by 8%.

— CNBC’s Michelle Fox, Yun Li, Tanaya Macheel and Samantha Subin contributed reporting