Stocks with big midday moves: META, ALGN, Coin

Check out the companies making headlines in midday trading.

Meta – Shares of the tech giant jumped 25% in mid-day trading, its strongest day in a decade. Late Wednesday, Meta reported that it beat analysts’ estimates and announced a $40 billion share buyback plan. Companies also reacted positively to Meta’s earnings report, with Bank of America and Goldman Sachs giving the stock a buy rating. As of September 2022, Meta shares are set at highs.

FedEx – Shares rose 6.4 percent after the shipping company announced it was laying off 10% of its executives and directors. Analysts at Citi and Bank of America praised the decision, saying the company is keeping costs under control as demand declines. Both firms upgraded the stock to buy from neutral.

Coinbase — Shares of the cryptocurrency exchange operator rose 20% after a class-action lawsuit against Coinbase was dismissed by a Manhattan federal judge.

Eli Lilly – Refinitive said the drugmaker slipped 6% after reporting fourth-quarter earnings. The company posted mixed financial results, including better-than-expected revenue. It raised its earnings per share guidance for 2023.

WW Granger – Shares of the industrial supplies company gained 11% and hit a 52-week high after reporting fourth-quarter results. WW Grainger reported adjusted quarterly earnings of $7.14 per diluted share, topping analysts’ estimates of $7.01, according to FactSet.

Octa -Shares of the cloud software company jumped more than 5% after announcing it would cut 5% of its workforce amid the pandemic. Analysts believe the company has strong growth potential, following a similar update from Stifel earlier in the week that prompted Needham to buy Octane from holdings.

Align technology – Refinitiv said shares soared 28 percent the day after the orthodontics company beat analysts’ estimates on quarterly earnings and revenue. Aline also said it will repurchase up to $1 billion of common stock over the next three years.

The first sun – Shares fell 3 percent following Bank of America’s switch to neutral. Bank of America said the “exciting incentives” of Sun’s stock have already been priced in.

Air products and chemicals – Shares of the industrial gas supplier fell 6 percent after the company reported weak quarterly results. The company posted earnings and revenue that exceeded analysts’ estimates, according to FactSet.

— CNBC’s Alex Haring, Tanaya Machel and Carmen Reinicke contributed reporting.