Stocks making the biggest moves before the bell: Salesforce, Best Buy, Macy's and more

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Check out the companies making headlines before the bell.

Salesforce — Shares of the cloud software maker soared nearly 16% in premarket after the company beat Wall Street estimates across the board in its latest earnings report and issued a better-than-expected forecast. Salesforce also said it is expanding its share buyback program after introducing it last year.

Best Buy — The consumer electronics retailer shed 1.9% after its fiscal year earnings and revenue guidance came in lighter than expected. Best Buy said it expects a sales decline of 3% to 6% for the year, citing the macro environment. However, its quarterly earnings beat estimates.

Macy's — The retailer advanced 7.3% after beating expectations on per-share earnings and meeting them on revenue, according to Refinitiv. Macy's recorded $1.71 in earnings per share for the fourth quarter, above the $1.57 anticipated. Revenue was in line with analyst expectations at $8.26 billion.

Silvergate Capital — The bank for digital currencies plummeted 37.6% following two downgrades from analysts on the back of new financial fillings from the company. JPMorgan moved the stock to underperform from neutral, citing future challenges ahead after the firm cited a warning that it may not be able to meet its financial obligations without liquidating in the next yea. Canaccord Genuity downgraded the stock to hold from buy, saying the firm has been managed well but it wants to move to the sidelines while the dust from the recent filling settles.

Okta — The digital authentication company added 15.8% after it beat top and bottom line expectations for the fourth quarter. The company also issued current-quarter guidance that was ahead of expectations, while guiding