PSA - Hot Stocks: Crypto slide; GOGO rises on analyst comment; BW contract award; PSA distribution

While Wall Street braces for the flood of earnings due out this week, a few other catalysts received attention in Monday's intraday action. Gogo ( NASDAQ: GOGO ) got a boost after Roth Capital Partners pointed out a significant opportunity from a new government program.

Among the other notable gainers, Babcock & Wilcox ( BW ) rose on news of a contract, while Public Storage ( PSA ) climbed on word of a special dividend.

Looking at some of the day's notable decliners, stocks related to cryptocurrencies came under selling pressure amid a downdraft in the crypto market. Coinbase ( COIN ), Riot Blockchain ( RIOT ), MicroStrategy ( MSTR ) and Marathon Digital ( MARA ) all lost ground.

Gainers

Gogo ( GOGO ) received a boost in midday trading following positive comments from Roth Capital Partners. The firm pointed to a "rip and replace" program from the FCC, which allocated $1.9B in funding to change out infrastructure installed by China's ZTE.

Roth called the FCC program a "huge stealth win" for GOGO. Based on the commentary, the stock jumped nearly 8% in intraday action.

Elsewhere, a contract win fueled gains in Babcock & Wilcox ( BW ). Shares climbed almost 4% after it received contracts for its renewables segment valued at more than $12M.

Meanwhile, Public Storage ( PSA ) showed strength after announcing that it will distribute a projected tax gain to shareholders. The $2.3B gain came as a result of the sale of its PS Business Parks unit to affiliates of Blackstone ( BX ) Real Estate.

Decliners

Crypto-related stocks experienced weakness in midday trading, dragged down by a slide in the underlying market. Bitcoin ( BTC-USD ) slipped about 3% on the day, dropping back below $22K after hitting a multi-week high last week. Ethereum ( ETH-USD ) retreated almost 4% in Monday's midday action.

Given the crypto slide, Coinbase ( COIN ) dropped about 5% during intraday action. Riot Blockchain ( RIOT ) retreated more than 5%, while MicroStrategy ( MSTR ) and Marathon Digital ( MARA ) both fell around 4%.

To track Wall Street's biggest winners and losers throughout the session, head over to Seeking Alpha's On The Move section .

For further details see: