Hot Stocks: MU upgrade; TTCF, CAL earnings; LMT falls on reduced F-35 order
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As traders count down to the Federal Reserve's much-anticipated policy announcement, a handful of individual stock moves still stood out in Wednesday's intraday action. Micron (NASDAQ:MU) was one of the biggest names seeing a notable move, with the stock jumping on an analyst's upgrade.
Elsewhere, Tattooed Chef (TTCF) and Caleres (CAL) both posted notable gains as well, driven by their respective earnings reports.
On the downside, Lockheed Martin (LMT) suffered selling pressure amid reports that the U.S. government had scaled back an order for fighter jets.
Gainers
Micron (MU) rallied nearly 8% in intraday action, boosted by an upgrade from Bernstein. Analyst Mark Li raised his rating on the stock to Outperform from underperform, arguing that the market for dynamic random access memory will likely bottom in the next couple of quarters.
In addition, the Bernstein analyst predicted that the Russian attack on Ukraine would not create a notable disruption in supply or weigh on DRAM demand.
In other news, Tattooed Chef (TTCF) also showed midday strength, rising almost 5% on earnings news. The company reported mixed Q4 results but topped revenue expectations and issued a solid 2022 forecast.
TTCF predicted 2022 revenue between $280M and $285M. This was in line with the $283M that analysts were predicting. The company also targeted gross margin of 10% to 12%.
Earnings news also spurred gains in Caleres (CAL). The footwear maker reported a quarterly profit that topped expectations by more than a third, with revenue that rose 19% from last year. The stock climbed about 8% on the news.
Decliner
Lockheed Martin (LMT) saw midday weakness following reports that the U.S. government will cut its order for the defense contractor's F-35 fighter. According to Bloomberg, the U.S. Department of Defense will now request 61 of the fighter jets rather than the 94 that was previously expected. 
Weighed down by the news, LMT dropped about 7% in intraday action.

For more on the day's biggest winners and losers, click over to Seeking Alpha's On The Move section.