Hot Stocks: MU falls on 2023 outlook; GOGL drops on earnings; TJX rises; crypto stocks slide
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Earnings-related news provided a key driver for individual stock stories during Wednesday's midday action. This included Micron (NASDAQ:MU), which dropped following the announcement of a reduced outlook for 2023.
Elsewhere, Golden Ocean (GOGL) dropped after the release of its quarterly report. On the other side of the spectrum, TJX Companies (TJX) bucked an overall negative trend in retail, rallying in the wake of its financial figures.
In other news, crypto stocks pushed lower. This included notable declines in Coinbase (COIN) and Silvergate (SI).
Decliners
Micron (MU) lost ground in intraday action, falling by about 5% following a weakened outlook for 2023. The semiconductor company cut DRAM and NAND wafer starts by about 20% compared to levels seen in the fiscal fourth quarter of 2022. 
"Micron is taking bold and aggressive steps to reduce bit supply growth to limit the size of our inventory," CEO Sanjay Mehrotra said. "We will continue to monitor industry conditions and make further adjustments as needed."
Meanwhile, earnings news sparked selling in Golden Ocean (GOGL). The shipping company reported a Q3 profit that fell from last year. Adjusted EBITDA declined as well, dropping to $118.2M compared to $191.6M for the second quarter of 2022.
Volatility continued in the crypto space, as the market continues to come to terms with the recent FTX meltdown. Wednesday's trading saw a nearly 3% drop in Bitcoin (BTC-USD), which is now sitting at around $16.5K. 
Bitcoin is down about 65% for 2022 as a whole, although it is above its low for the year. The cryptocurrency reached a level below $15.55K shortly after the FTX bankruptcy roiled the market.
With the weakness in the overall crypto market, stocks tied to the asset class suffered retreats as well. Coinbase (COIN) was down about 12% in intraday trading. Meanwhile, Silvergate (SI) retreated almost 4% after Morgan Stanley cut its 2023 EPS estimate for the firm by more than half.
Gainer
Retail stocks in general showed weakness in Wednesday's intraday action, dragged down by disappointments at firms like Target and Best Buy. However, in this cautious atmosphere, TJX Companies (TJX) represented a bright spot, rising more than 3% following the release of its quarterly results.
While the firm's revenue came up short, dropping about 3% from last year, its profit figure topped consensus. TJX also announced that it has promoted company exec John Klinger to the position of CFO. Outgoing CFO Scott Goldenberg will continue with the company as senior executive vice president, finance.

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