Check out the companies making headlines in midday trading. Crypto stocks — Stocks whose performance is tied to the price of bitcoin rose as the cryptocurrency pushed to another record for the third day in a row. Crypto exchange Coinbase gained roughly 3% and bitcoin proxy MicroStrategy surged nearly 10%. In the crypto mining sector, Marathon Digital , Riot Platforms and Iris Energy each gained more than 2%. CleanSpark jumped about 7%. Texas Roadhouse — The restaurant chain added almost 3% on the back of an upgrade to outperform by Baird. The firm said the Kentucky-based chain should be able to keep climbing, even as it sits near all-time highs. Moelis & Co. — Shares gained nearly 4% after Goldman Sachs upgraded the investment bank to neutral from sell and said it is an “an outsize beneficiary as the cyclical upswing begins,” following its post-earnings pullback. Tesla — The stock slid 3.5% after Wells Fargo downgraded the electric vehicle maker to underweight from equal weight, noting “risk to volume as price cuts are having a diminishing impact .” Nvidia , Advanced Micro Devices , Micron Technology — Shares of the chipmakers fell Wednesday as the artificial intelligence-related rally continued to fizzle this week. Nvidia shares slipped 3%. Micron dropped 3.8% and AMD lost 4.2%. Dollar Tree — Shares of the discount retailer fell more than 13% after a disappointing quarterly report . Dollar Tree posted adjusted earnings of $2.55 per share on $8.64 billion of revenue for the fourth quarter. Analysts surveyed by LSEG, formerly known as Refinitiv, had penciled in $2.65 per share on $8.67 billion in revenue. The company also announced it had identified 970 of its Family Dollar locations for potential closure. Dollar General — The discount retailer fell 3% following competitor Dollar Tree’s worse-than-expected quarterly results. Dollar General is set to release its own earnings Thursday before the open . It’s up more than 14% this year. GE HealthCare — Shares dropped 3% after the medtech company announced a secondary offering of 13 million shares. GE HealthCare Technologies was spun off from General Electric in early 2023 . Legend Biotech — Shares added 4.6% after Raymond James initiated coverage of the commercial-stage biotechnology company at an outperform rating . The firm is bullish on Legend Biotech’s Carvykti therapy, which treats multiple myeloma. Royal Caribbean , Carnival — Shares of both cruise line operators climbed after Goldman Sachs initiated coverage of the stocks at buy ratings , saying it sees pricing power and pent-up demand for cruise stocks. Royal Caribbean shares rose about 2%, while Carnival’s stock price jumped 3.3%. Petco Health and Wellness — Shares tumbled 6% after the beaten-down pet retailer announced a search for a new CEO. The company reported a revenue beat for the fourth quarter on Wednesday, posting adjusted earnings per share of 2 cents on revenue of $1.67 billion. Analysts had expected earnings of 2 cents per share on revenue of $1.62 billion, per LSEG. — CNBC’s Alex Harring, Brian Evans, Samantha Subin, Yun Li, Lisa Kailai Han, Pia Singh and Michelle Fox contributed reporting.
Stocks making the biggest moves midday: TSLA, GEHC, COIN
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