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Check out the companies making headlines midday Friday:
Cray — Shares of Cray surged 22.5% after the supercomputer manufacturer announced it will be bought out by Hewlett Packard Enterprise. The deal, valued at about $1.3 billion, is expected to close by the first-quarter of Hewlett Packard's fiscal 2020.
Pinterest — Pinterest plummeted 13.5% after the social media company reported a larger-than-expected loss and a weak full-year outlook in its first quarterly report since going public. The company reported a loss of 32 cents per share while analysts polled by Refinitiv had only expected a loss of 11 cents per share.
Qorvo — Shares of Qorvo dropped 6.1% after the U.S. Bureau of Industry and Security, which is part of the Commerce Department, added Huawei to its entry list, barring American firms from doing business with Huawei without a licence. Qorvo, a semiconductor company, is one of more than 30 American firms that Huawei has listed as a "core supplier. "
Under Armour — Under Armour shares jumped more than 7.5% after an analyst at J.P. Morgan upgraded the stock to overweight from neutral, citing how management has "'repositioned the global foundation for multi-year gross margin expansion."
Wayfair — The furniture e-commerce company rose more than 1% after Jefferies initiated coverage of the stock with a buy rating and a price target of $192 per share. The analyst noted that Wayfair's international growth will provide an "upside" surprise.
Deere — Deere shares fell more than 7% after the company reported weaker-than-expected earnings for the previous quarter. The company also lowered its fiscal 2019 earnings outlook and cited the ongoing U.S.-China trade war for its weak quarterly numbers.
Luckin Coffee — Shares of the Chinese coffee brand surged 19.9% in their first trading day ever.
Foot Locker — An analyst at B. Riley FBR upgraded the retailer to buy from neutral, citing "improving trends" in its footwear business. The analyst also hiked Foot Locker's price target to $73 per share from $62, implying a 30% surge from Thursday's close. Foot Locker shares rose as much 2.1% before closing lower.
Baidu — Baidu shares plummeted more than 16% after the Chinese search-engine operator reported its first quarterly loss since 2005 and issued weaker-than-expected quarterly revenue guidance that missed expectations. CEO Robin Li also warned that a slowdown in China's technology sector or the country's broad economy could hurt the company.
Applied Materials — The semiconductor's stock rose more than 2% after reporting better-than-expected earnings and revenue. Applied Materials posted quarterly earnings per share of 70 cents on revenue of $3.54 billion. Analysts polled by Refinitiv expected a profit of 66 cents a share on sales of $3.45 billion.
—CNBC's Nadine El-Bawab contributed to this report.