Check out the companies making headlines in midday trading.
Home Depot — Shares of Home Depot jumped 5.7% after the home improvement retailer beat on earnings. The company reported earnings of $3.92 per share on revenue of $36.82 billion. Analysts expected earnings of $3.40 on revenue of $35.01 billion, according to Refinitiv.
Robinhood — Shares of the stock trading app ticked 3.1% lower in midday trading after Atlantic Equities downgraded Robinhood to neutral from buy, saying in a note to clients that there is little reason for shares to rebound in the coming months with such inconsistent growth.
Peloton — Shares of the stationary bike company popped 15.5% in midday trading after announcing it plans to sell roughly 23.9 million shares of its Class A common stock at a public offering price of $46, netting the company about $1.07 billion. The announcement comes as Peloton is looking for ways to shore up cash amid slowing momentum for its products.
Rivian — Rivian shares continued to rally less than a week after the company went public in one of the biggest IPOs of the year. The stock rose 15.2% in midday trading, signaling investors are bullish on the Tesla rival backed by Amazon and Ford.
Walmart — The big box retailer saw its shares pulling back 2.6% even after a stronger-than-expected quarterly report. Walmart reported third-quarter profit and revenue above estimates. Its U.S. same-store sales jumped 9.2%, excluding fuel, year over year, while Walmart also raised its forecast for the full year,
Rackspace Technology — Shares of the cloud computing company soared 11.4% in midday trading after beating estimates by a penny with adjusted quarterly earnings of 25 cents per share. Rackspace Technology's revenue also topped Wall Street forecasts. It was Rackspace's 8th consecutive quarter of revenue growth, and the company said it was well positioned in a booming market.
QuantumScape — The battery stock dropped 9% on Tuesday after Morgan Stanley downgraded QuantumScape to neutral from buy. The investment firm said that rising competition would eat away at the company's technology lead in the race for next generation batteries.
Floor & Decor — Shares of the flooring company jumped 6% after Warren Buffett's Berkshire Hathaway disclosed a near $100 million stake in a regulatory filing Monday evening. The conglomerate bought 816,900 shares of Floor & Decor in the third quarter, the filing showed. Floor & Decor has rallied more than 40% this year following a nearly 83% jump in 2020 on the back of the pandemic boom.
Axon Enterprise — Shares of Axon Enterprise, which makes tasers, body cameras and other public safety equipment, rose 6.2% after reporting strong sales and revenue for its latest quarter.
Autoliv — Shares of the automotive company gained 6.1% after Autoliv announced a share repurchase program of up to $1.5 billion over the next three years, while also providing upbeat guidance. The company also introduced a long-term sales growth target of between 4% and 6% per year starting in 2024.
Lucid Group — Shares of the electric vehicle maker surged 23.7% a day after reporting more than 17,000 reservations for its "Air" sedan, up from 13,000 in the prior quarter. Lucid also confirmed its 2022 production targets.
— with reporting from CNBC's Yun Li, Pippa Stevens, Jesse Pound and and Hannah Miao.