Stock Markets March 17, 2026

Market movers Tuesday: Eli Lilly slides as Micron, Circle and others rally

A mix of downgrades, corporate actions and product shipments drove wide dispersion across mega-, large-, mid- and small-cap stocks

By Caleb Monroe LLY INTC IBM MS MU
Market movers Tuesday: Eli Lilly slides as Micron, Circle and others rally
LLY INTC IBM MS MU

Tuesday's session produced sizable swings across the market, with technology, healthcare and consumer stocks among the most active. Eli Lilly fell after a downgrade tied to obesity market concerns, while Micron rose on ramping shipments of HBM4 memory for Nvidia AI chips. Several large- and mid-cap names moved more than 10% on company-specific news, earnings reactions and strategic decisions.

Key Points

  • Eli Lilly shares declined after an HSBC downgrade tied to concerns about the obesity market, while Micron rose as it began volume shipments of HBM4 memory for Nvidia AI chips.
  • Large-cap moves included Tencent Music's steep drop following earnings, and Circle Internet Group's share gain after appointing a Microsoft executive to its board.
  • Mid- and small-cap volatility was driven by a mix of analyst upgrades, strategic deals, buyback announcements, public offerings and planned spin-offs.

Stocks moved sharply on Tuesday as company announcements, analyst actions and operational developments led to pronounced winners and losers across market-cap segments.

At the mega-cap level, Eli Lilly And Co (LLY) was one of the more notable decliners after HSBC downgraded the stock, citing concerns around the obesity market. LLY fell 5.9%. Intel Corp (INTC) slipped 3.37%. By contrast, IBM (IBM) gained 1.85% following news of an expanded AI partnership with Nvidia focused on enterprise deployment. Morgan Stanley (MS) rose 1.95% amid a report that it will sell a stake in a New Jersey power plant. Micron Technology (MU) climbed 3.47% after beginning volume shipments of HBM4 memory intended for Nvidia AI chips.


Mega-Cap Movers (Market Cap: $200 billion USD or higher)

  • Eli Lilly And Co (LLY) -5.9% - HSBC downgrades stock on obesity market concerns
  • Intel Corp (INTC) -3.37%
  • IBM (IBM) +1.85% - IBM and Nvidia expand AI partnership for enterprise deployment
  • Morgan Stanley (MS) +1.95% - Morgan Stanley to sell New Jersey power plant stake
  • Micron Tech (MU) +3.47% - Micron begins volume shipments of HBM4 memory for Nvidia AI chips

Large-Cap Stock Movers (Market Cap: $10-$200 billion USD)

  • Tencent Music Entertainment Group (TME) -23.66% - misses Q4 earnings despite a revenue beat
  • Credo Technology Holding (CRDO) -10.87% - launches Robin optical DSP family for AI data centers
  • Yandex (NBIS) -11.8% - Nebius plans a $3.75 billion convertible notes offering
  • Delta Air Lines New (DAL) +6.96%
  • Global Payments (GPN) +7.23%
  • Elanco Animal Health (ELAN) +7.31%
  • New Providence Acquisition Corp N (ASTS) +7.35%
  • Circle Internet Group Inc (CRCL) +7.21% - Circle appoints a Microsoft executive to its board of directors
  • Western Digital (WDC) +6.93%
  • Vector Acquisition (RKLB) +6.67%

Mid-Cap Stock Movers (Market Cap: $2-$10 billion USD)

  • Lemonade Inc (LMND) +17.2% - Morgan Stanley upgrades stock on Tesla partnership potential
  • Solaris Oilfield Infrastructure (SEI) +13.17% - Solaris Energy adds 900 MW capacity via two deals and secures funding
  • Neptune Insurance Holdings Inc (NP) +8.77%
  • F G Annuities Life Inc (FG) +8.09% - F&G announces $100 million share buyback program
  • TG Therapeutics Inc (TGTX) +7.82%
  • Chemours Co (CC) +9.41%
  • Brightspring Health Services (BTSG) +5.69%
  • Semtech Corp (SMTC) -8.49%
  • Academy Sports Outdoors Inc (ASO) -10.26%
  • Freshpet Inc (FRPT) -8.77%

Small-Cap Stock Movers (Market Cap: $300 million - $2 billion USD)

  • Tuscan Holdings Corp (MVST) -30.3%
  • CytomX Therapeutics Inc (CTMX) -18.08% - CytomX launches a $250 million public offering to fund drug development
  • Braiin (BRAI) +20.06%
  • Loral Space and C (TSAT) +20.31%
  • Citi Trends (CTRN) +17.77% - Citi Trends surges 15% as profit outlook doubles following strong Q4 results
  • Adecoagro SA (AGRO) +16.24% - Morgan Stanley upgrades stock rating on Profertil acquisition impact
  • New Fortress Energy LLC (NFE) +24.31% - New Fortress Energy to spin off Brazil operations
  • Babcock & Wilcox Enterprises (BW) +18.02%
  • Arsanis Inc (XFOR) +14.89%
  • CC Neuberger Principal Holdings II (GETY) +15.51% - Getty Images falls on weak 2026 outlook following mixed Q4 results

Across market-cap tiers, the drivers of these moves were varied: analyst rating changes and earnings results influenced sentiment in healthcare and consumer names, product shipments and partnerships affected technology and semiconductor stocks, and corporate finance actions such as buybacks, offerings and spin-offs moved energy, industrial and financial sector names.

Risks

  • Analyst downgrades and earnings shortfalls can produce sharp declines in stock prices, as seen with Eli Lilly and Tencent Music - this risk affects healthcare and media sectors.
  • Corporate finance events such as convertible note offerings or public share offerings may depress share prices in affected companies, exemplified by Yandex/Nebius and CytomX - impacting technology and biotech sectors.
  • Large operational or strategic transactions, including spin-offs and capacity additions, can create uncertainty that leads to volatile price action, as observed with New Fortress Energy and Solaris Energy - relevant to energy and industrial sectors.

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