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 Digitallost 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.
