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Stocks making the biggest moves midday: L Brands, Copart, Chipotle & more

Craig Warga | Bloomberg | Getty Images

Check out the companies making headlines midday Thursday:

L Brands — L Brands surged 12.8% after the parent company of Victoria's Secret and Bath & Body Works reported first-quarter earnings that surpassed expectations. The company reported earnings of 14 cents per share, while analysts polled by Refinitiv expected a break-even quarter.

Target — Target shares rose 2.4% after being upgraded by J.P. Morgan following its strong earnings Wednesday. J.P. Morgan upgraded its rating on the stock to overweight from neutral and hiked its target price to $100 from $81. The bank said Target's strong fiscal first-quarter earnings, especially its 4.2% growth in same-store sales, prove that the big-box retailer is safe from the threat of e-commerce giant Amazon.

Best Buy — Shares of Best Buy fell 4.8% despite the retailer's second-quarter earnings beat after the company warned that new tariffs would increase prices for shoppers. The company reported earnings per share of $1.02, topping Wall Street estimates of 86 cents, according to Refinitiv. Best Buy also reaffirmed its full-year forecast.

Tesla — Tesla shares fell as much as 3.4% but later recovered after Loup Ventures co-founder Gene Munster said the electric car maker will probably miss auto delivery expectations this year. Munster lowered his 2019 vehicle delivery estimate by about 10%.

Toro — Shares of lawn mower maker Toro fell more than 5% after it reported disappointing quarterly results. Toro posted earnings per share of $1.17, missing a Refinitiv estimate of $1.19 per share. Revenue came in at $962 million, lower than the $987.8 million forecast. But Toro said for the full-year it estimates earnings per share between $2.90 and $3.00, topping an estimate of $2.83.

Copart — The auto auction company's stock jumped nearly 8% on quarterly earnings that topped analyst expectations. Copart reported fiscal third-quarter earnings of 81 cents a share. Analysts polled by Refinitiv had forecast a profit of 62 cents a share. The company's service and vehicle revenues also beat analyst estimates.

Pros Holdings — Shares of the AI platform company climbed 1.6% after an analyst at Stifel upgraded the stock to buy from hold. The analyst also hiked Pros' price target to $60 per share from $46, citing accelerating revenue growth and an attractive valuation.

Sociedad Quimica y Minera de Chile — The world's largest lithium producer fell 5.8% on weaker-than-forecast first-quarter results. Sociedad Quimica reported earnings per share of 31 cents on revenue of $504.2 million. Analysts polled by FactSet expected a profit of 38 cents a share on revenue of $521.3 million.

Medtronic — Shares of Medtronic jumped 3.2% after the medical device company reported better-than-expected fiscal fourth-quarter results. Medtronic reported earnings of $1.54 per share on revenue of $8.15 billion. Analysts polled by Refinitiv expected a profit of $1.46 per share on sales of $8.11 billion. The company also gave strong full-year guidance.

Chipotle Mexican Grill — Chipotle Mexican Grill dropped more than 5% after an analyst at BMO Capital Markets downgraded the stock to underperform from market perform. The analyst said Chipotle would be affected by the African swine fever due to its large exposure to pork. The African Swine Fever "will create a meaningful, multi-year upswing in protein prices," the analyst wrote in a note.

Apple — Apple shares fell 1.7% after UBS lowered its price target on the tech giant to $225 per share from $235. UBS said that Apple faces pressure from the ongoing U.S.-China trade war and slowing smartphone demand.

—CNBC's Nadine El-Bawab and Maggie Fitzgerald contributed to this report.