Stocks making the biggest moves midday: Macy's, MicroStrategy, Coinbase, Nvidia and more
Check out the companies making headlines in midday trading:
Nvidia — Shares of the artificial intelligence darling fell 1% after a rare negative call on Wall Street. New Street Research downgraded Nvidia to hold from buy, citing limited upside given the big run already this year. It is only the second downgrade of Nvidia this year.
Macy's — Shares of the retailer jumped more than 12% after The Wall Street Journal reported that the investor group of Arkhouse Management and Brigade Capital Management increased their buyout offer. The group is now offering about $24.80 per share for Macy's, up from $24 previously, the report said.
Crypto stocks — Stocks tied to the cryptocurrency plummeted after the trustee for the now defunct Mt. Gox exchange said the company has begun making payments in both bitcoin and bitcoin cash to creditors. Marathon Digital was down 6% following the news, while Microstrategy and Coinbase were each down more than 3%. Bitcoin miner Iris Energy tumbled 6%, while fellow miner CleanSpark fell 2.5%. Trading platforms Robinhood and Riot Platforms were both down more than 2% as well.
SoftBank Group, Arm Holdings — U.S. shares of SoftBank rose 5.5% after Japanese shares hit their first record high in 24 years on Thursday. The Japanese giant's founder, Masayoshi Son, recently came back into the spotlight to unveil the company's plan with AI. SoftBank has a majority stake in British chip designer Arm, which has been aiding its success. U.S. shares of Arm also rose nearly 7%.
Instructure — The education technology stock jumped 6.3% after Reuters reported interest in an acquisition from private equity firms Francisco Partners and KKR. The two are reportedly competing against each other and are expected to
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