Stocks making the biggest moves midday: Tesla, GE HealthCare, Coinbase and more

Published Wed, Mar 13 202412:46 PM EDTUpdated Wed, Mar 13 20245:05 PM EDT

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 lost 1.7% and bitcoin proxy MicroStrategy surged nearly 10.9%. In the crypto mining sector, Marathon Digital lost 2.4%, while Riot Platforms added nearly 1%. CleanSpark gained about 3.8%. Texas Roadhouse — The restaurant chain added 2.6% 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 3.7% 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 4.5% 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 1.1%. Micron dropped 3.4% and AMD lost 3.9%. Dollar Tree — Shares of the discount retailer fell 14.2% 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 1.9% 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 3.6% 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 4.4% 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 1.8%, while Carnival's stock price jumped 2.9%. Petco Health and Wellness — Shares tumbled 1.6% 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.