Stocks making the biggest moves midday: Meta, Align Technology, Coinbase, Eli Lilly and more

Check retired the companies making headlines successful midday trading.

Meta — The tech giant's shares jumped 25% by the mediate of the trading day, connected way for its strongest time successful astir a decade. Late Wednesday, Meta reported gross that topped analysts' expectations and announced a $40 cardinal banal buyback plan. Firms besides responded positively to Meta's net report, with Bank of America and Goldman Sachs standing the banal a buy. Meta shares beryllium astatine their highest constituent since September 2022.

FedEx — Shares precocious 6.4% aft the shipping institution announced it was laying disconnected 10% of its officers and directors. Analysts astatine Citi and Bank of America applauded the decision, saying the institution was getting its costs nether power arsenic request slid. Both firms upgraded the banal to bargain from neutral.

Coinbase — Shares of the cryptocurrency speech relation surged 20% after a class-action suit against Coinbase was dismissed by a Manhattan national judge.

Eli Lilly – The cause shaper slid 6% aft reporting fourth-quarter gross that somewhat missed estimates, according to Refinitiv. The institution posted mixed fiscal results, including better-than-expected earnings. It besides raised its net per stock guidance for 2023.

W.W. Grainger – The concern proviso company's shares gained 11% and deed a 52-week precocious aft announcing its fourth-quarter results. W.W. Grainger reported adjusted quarterly net of $7.14 per diluted share, which came successful up of the $7.01 per stock estimated by analysts, according to FactSet.

Okta — The unreality bundle company's shares jumped much than 5% aft announcing it would chopped 5% of its workforce pursuing a hiring spree during the pandemic. Analysts judge the institution has beardown imaginable for growth, with Needham upgrading Okta to bargain from hold, pursuing the aforesaid upgrade from Stifel earlier successful the week.

Align Technology — The orthodontics institution saw its shares surge 28% the time aft its quarterly net and gross bushed analysts' expectations, according to Refinitiv. Align besides said it volition repurchase up to $1 cardinal of its communal banal implicit the adjacent 3 years.

First Solar — Shares dropped 3% pursuing a downgrade from Bank of America to neutral from buy. Bank of America said the star stock's "favorable catalysts" person already been priced in.

Air Products and Chemicals — Shares of the concern state supplier fell 6% midday aft the institution reported anemic quarterly results. The institution posted net and gross that came successful abbreviated of analysts' estimates, according to FactSet.

— CNBC's Alex Harring, Tanaya Macheel and Carmen Reinicke contributed reporting