Midday movers: Coinbase, KB Home, General Mills and more

March 23, 2023 2:19 PM EDT

By Liz Moyer -- Stocks were rising on Thursday as investors interpreted the Federal Reserve's statements on Wednesday as nearing the end of its rate hiking cycle. Here are the midday movers for March 23.

  • Coinbase Global Inc (NASDAQ: COIN) stock fell 14% after the crypto exchange operator said it received a notice from the Securities and Exchange Commission involving the possibility of an enforcement action involving some of its products.

  • KB Home (NYSE: KBH) shares rose 8.8% after the home builder reported better than expected results for its first quarter as it sees an increase in demand. Overall, U.S. new home sales rose 1.1% in February.

  • General Mills Inc (NYSE: GIS) shares rose 3.2% after the maker of Cheerios raised its fiscal year guidance and beat expectations for fiscal third quarter numbers. Rising prices helped boost results.

  • Ford Motor Company (NYSE: F) stock rose 1.2% after the auto maker reiterated its operating profit guidance for 2023 and said it sees its electric vehicle business losing $3 billion this year.

  • Chewy Inc (NYSE: CHWY) stock fell 7% after the online pet product retailer reported a surprise profit for the fourth quarter but said active customers dropped 1.2%.

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