Stocks making the biggest moves midday: Nvidia, Coinbase, Oracle, Bally's and more

Published Mon, Mar 11 20241:47 PM EDTUpdated Mon, Mar 11 20244:05 PM EDT

Check out the companies making headlines in midday trading. Bally's — Shares soared 28.4% after hedge fund Standard General made a buyout proposal valuing the casino operator at $15 per share. That's 41.2% higher than where the stock finished last week. Oracle — Shares added 1.5% ahead of the software giant's fiscal third-quarter earnings report due after the bell. Analysts polled by FactSet are expecting earnings per share of $1.38 and revenue of $13.29 billion. Oracle's stock is up 8% year to date. Nvidia — The artificial intelligence computing stock declined 2% on Monday, extending losses from Friday's session when Nvidia dropped more than 5% in its worst trading day since late May. Semiconductor stocks slid as a group on Monday. Advanced Micro Devices dropped 4.2%. Lam Research slid 3%. New York Community Bancorp — The regional bank stock dropped about 5%, extending losses after Friday's more than 6% drop. The stock has been in choppy trading after a billion-dollar capital raise last week. Crypto stocks — Companies whose performance is tied to the price of bitcoin rose on Monday after the cryptocurrency climbed to another all-time high. Crypto exchange Coinbase fell about 1%, after advancing 4% earlier in the day. Bitcoin proxy Microstrategy jumped 4.1% after the company purchased another roughly 12,000 bitcoins for more than $821 million in cash, according to a filing. Moderna — The stock jumped 8.7% in midday trading, putting it on track for its biggest one-day gain since December. It was also the best performer in the SPDR S & P Biotech ETF (XBI) ETF. Xcel Energy — The stock gained 3.7% after Barclays upgraded the natural gas company to overweight, saying Xcel Energy is trading at an attractive discount. Duolingo — Shares rose 4.3% after JPMorgan initiated coverage of the online learning platform with an overweight rating, forecasting "premium" revenue growth that could substantially drive up Duolingo's valuation. PDD Holdings — Shares of the Chinese e-commerce company rose 1.4% after Jefferies upgraded the Temu parent to a buy rating ahead of its fourth-quarter earnings next week. The Wall Street firm said the geopolitical risk has been priced in after a double-digit sell-off in shares this year. Applied Materials — The chip stock slid 2% even after the semiconductor manufacturer said it's raising its quarterly dividend by 25% to 40 cents per share from 32 cents. Eli Lilly — Eli Lilly dropped 3.6%, underperforming to start the week. The pharmaceutical company is one of this year's best performers on the strength of its weight loss drug. — CNBC's Michelle Fox, Alex Harring, Yun Li, Tanaya Macheel and Pia Singh contributed reporting.