Midday movers: Silvergate Capital, Tesla, Salesforce and more

By Liz Moyer

Investing.com -- Stocks attempted to rally on Thursday despite lower-than-expected unemployment claims that stoked fears about interest rates staying higher for longer. Here are the midday movers for March 2.

• Silvergate Capital Corp (NYSE:SI) shares sank 53% after the crypto banking firm said it was going to delay its annual report. It also said it is analyzing its ability to continue as a going concern. Coinbase (NASDAQ:COIN) said it wouldn't accept or initiate payments through Silvergate.
• Tesla Inc (NASDAQ:TSLA) shares were down 6% a day after its investor day, which didn't provide many details about a possible lower-priced electric vehicle coming down the road. It did confirm it would build another assembly plant, this time in Mexico.

• Salesforce Inc (NYSE:CRM) shares rose 12% after the business software maker beat fourth-quarter expectations for adjusted profit per share and forecast fiscal 2024 results well in excess of expectations.

• Macy’s Inc (NYSE:M) shares rose 11% after the department store chain posted better-than-expected holiday sales and earnings. Inventory is down 3% from a year ago, and while same-store sales are expected to drop between 2% and 4%, Macy's said it is taking a careful approach.

• Hormel Foods Corporation (NYSE:HRL) shares are down 3.7% after the Spam maker gave disappointing guidance as inflation continues to take its toll on food companies. Its EPS forecast for the year, $1.70 to $1.82 a share, is below forecasts.