Nvidia Downgraded, Macy\'s Jumps on Buyout Offer Increase, Crypto Stocks Plunge: Midday Movers

Check out the companies making headlines in midday trading:

Here are the key stock market takeaways for the midday session on Friday, March 10:

1. Nvidia stock fell 1% after a rare downgrade 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.

2. Macy’s stock 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.

3. 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%.

4. 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%.

5. Education technology stock Instructure 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 provide binding offers next week, sources told Reuters.

6. Shares of Chinese electric vehicle makers fell after the European Union confirmed on Thursday that it was increasing tariffs on electric vehicles imported from the country, with the higher duties going into effect Friday. As a result of the decision, Nio said that while it is currently maintaining prices for its cars sold into Europe, it may have to adjust prices “at a later stage.” That stock fell more than 7% during Friday’s trading session.

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