OMC - Hot Stocks: COIN rallies; OMC AEHR climb on earnings news; RVMD drops on equity offering

Coinbase ( COIN ) powered further higher in Wednesday's midday trading. The stock was boosted by gains in the cryptocurrency market and by the firm's lack of exposure to some of the well-publicized recent crypto meltdowns.

Earnings news remained a key catalyst as well. Omnicom ( NYSE: OMC ) and Aehr Test Systems ( AEHR ) both rallied in the wake of their respective quarterly results.

Looking at one of the day's standout decliners, Revolution Medicines ( RVMD ) lost ground following the pricing of an equity offering.

Gainers

Coinbase ( COIN ) surged in midday trading after disclosing that it has no exposure to three high-profile crypto meltdowns . Shares of the crypto exchange rose 17% after issuing a blog post separating itself from Celsius, Voyager and Three Arrows.

"We have not engaged in these types of risky lending practices and instead have focused on building our financing business with prudence and deliberate focus on the client," COIN said. The stock was also helped by a further rise in Bitcoin ( BTC-USD ), which climbed above $24K.

Meanwhile, earnings news prompted buying in Omnicom ( OMC ). The global marketing firm topped expectations with its quarterly profit, with revenue that came in flat with last year's figure of about $3.6B. The top-line figure exceeded consensus by $100M.

"As we enter the second half of the year, we are in a strong financial position, and our company is well-prepared to manage through economic headwinds," CEO John Wren said. Based on the results, OMC advanced 5% in intraday action.

Aehr Test Systems ( AEHR ) represented another post-earnings gainer, climbing 14% after announcing revenue that surged 166% from last year. The company said its effective backlog now tops $25.5M.

Decliner

The pricing of an equity offering led to a sharp intraday slide in Revolution Medicines ( RVMD ). The stock dropped 8% on the news, falling to a level around $22.74 at around 12:30 p.m. ET.

The slide came as the company priced an upsized common stock offering valued at $230M. The stock was priced at $20 a share.

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