Stocks making the biggest moves midday: Palantir, Novavax, Under Armour and more

Check out the companies making headlines in midday trading.

Palantir – Palantir shares popped 23.4% after the software company beat first-quarter estimates and said it anticipates full-year profitability. CEO Alex Karp said that the company's seeing strong demand for its new artificial intelligence platform.

3D Systems — Shares dropped 9% after the 3D printer maker reported weak first-quarter earnings. 3D systems reported an adjusted loss of 9 per share on revenue of $121 million, while analysts polled by Refinitiv expected a loss of 7 cents per share and revenue of $128 million. The firm also reaffirmed full-year revenue guidance and raised its full-year adjusted EBITDA expectations, while cutting 6% of its workforce.

Novavax — The biotechnology stock surged 27.8% on news of promising vaccine data and a major cost-cutting initiative that includes broad layoffs.

Skyworks Solutions -- Shares slid 5.2% it posted weaker-than-expected fiscal third-quarter guidance. The semiconductor firm forecasts non-GAAP per-share earnings of around $1.67, lower than consensus estimates of $2.06, according to StreetAccount.

Under Armour — The apparel company slipped 5.7% after the company projected earnings per share and revenue to be short of Wall Street expectations for the full-year. But Under Armour was able to beat expectations of analysts polled by Refinitiv on the top and bottom lines for its fiscal fourth quarter.

Fisker — Shares shed 7.1% after the automotive company's first quarter earnings came in under Wall Street forecasts. Fisker said it lost 38 cents per share, more than the projected loss of 30 cents from analysts polled by Refinitiv.

Plug Power — The hydrogen fuel company dropped 13.8% after posting a wider loss per share for its first quarter than analysts expected. Plug Power reported a loss of 35 cents per share, while analysts polled by FactSet anticipated a 26-cent loss. Revenue came in ahead of expectations at $210.3 million against a consensus estimate of $206.9 million.

Western Digital — The chipmaker's stock dropped nearly 1.7% after the company posted a wider-than-expected loss for the fiscal third quarter. Western Digital also expects its fourth-quarter revenue to be in the range from $2.4 billion to $2.6 billion, lower than analyst expectations, according to Refinitiv data.

PayPal — Shares of the digital payments company shed 12.7% even after it posted a beat on the top and bottom lines. PayPal lifted its guidance for the full year but shared-weaker-than-expected guidance for the current period.

International Flavors & Fragrances – Shares fell 7% after the company missed earnings expectations for the first quarter, according to FactSet, and cited impacts from soft end-market demand and customer inventory destocking. Current quarter financial guidance was weaker than Wall Street estimates, according to FactSet, and the company cut full-year guidance.

DaVita – The healthcare provider saw shares surge 12.9% after the company beat earnings and revenue guidance for the first quarter, according to FactSet, and raised full-year earnings guidance. The company highlighted better volume trends and meaningful labor cost improvement as well as an improving macro environment.

Lucid Group — The electric vehicle maker dropped 5.6% on the back of a poor earnings report. Lucid reported a larger quarterly loss than expected, while revenue missed the consensus estimate of analysts, according to Refinitiv.

Trex Company — Trex Company jumped 8.2% after the maker of wood-alternative decking and railing topped analysts' first-quarter expectations, and issued stronger-than-expected second-quarter revenue guidance. Trex forecasts second-quarter revenue between $310 and 320 million, better than expectations of $309.0 million, according to FactSet.

McKesson — McKesson rose 5.5% after exceeding fourth-quarter expectations. The health care firm posted adjusted earnings of $7.19 per share, slightly higher than analysts' forecasts of $7.18 per share, according to FactSet. It reported revenue of $68.91 billion, which was better than forecasts of $68.08 billion.

Shopify — Shares shed 0.8% following a downgrade to neutral from overweight by Atlantic Equities. The firm said the downgrade was mainly due to valuation, while noting the company is a "best-in-class product executor with strong long-term growth prospects."

Alphabet — Google parent Alphabet ended down less than 1% ahead of its annual developer conference this week, where the company will announce its new general-use large language model called PaLM 2. Meanwhile, Google is also set to unveil advancements to Bard and Search with "generative experiences."

Shoal Technologies — The solar energy tech company's shares surged 22.3% following an earnings and revenue beat for the first quarter. Guggenheim upgraded its rating on shares to buy in a Tuesday note, citing an attractive valuation and promising market share gains.

Ferguson — The construction products company added 2.5% following an upgrade to buy from hold by Jefferies. The firm said the company's discount to peers is narrowing.

Boeing — Shares advanced 2.3% after Ryanair said it would buy at least 150 of the plane maker's 737 Max 10s with options for 150 more.

DISH Network — DISH lost 11.1% after reporting first-quarter earnings. Earnings per share was in line with analyst estimates at 35 cents, while revenue came in slightly under ay $3.96 billion against a $4.06 billion forecast from analysts polled by FactSet. The company lost more pay TV subscribers than in the same quarter a year ago, but lost less retail wireless subscribers than the year-ago period.

— CNBC's Samantha Subin, Michelle Fox, Sarah Min, Hakyung Kim, Tanaya Macheel and Yun Li contributed reporting