Here are the companies making headlines in midday trading:
Tesla — Tesla shares fell more than 5% for their biggest one-day decline since May as traders booked profits from some of the best-performing stocks of 2020. The stock was also headed for its first consecutive weekly decline since May.
Intel — Shares of the semiconductor company sank more than 15% after the company said in its earnings report that its gross margin shrank and it was experiencing production delays with its next-era chips. The report led to a flurry of downgrades from analysts, including those at Bernstein and Barclays.
Honeywell — Shares of the industrial name fell more than 2% after the company said it expects to face ongoing sales challenges in certain areas of its business due to the pandemic. The comments came during the company's second-quarter earnings release. Honeywell reported an adjusted profit of $1.26 per share, which topped Street expectations, with revenue also coming in ahead of estimates.
Advanced Micro Devices — The chipmaker's stock jumped 16% after rival Intel said it was experiencing product delays. AMD is already selling 7-nanometer processors, while Intel said it is delaying its version by about six months.
Boston Beer Co. — Boston Beer rallied more than 20% in midday trading after the company reported more than doubled the consensus earnings estimate of $2.43 per share. The brewer reported second-quarter earnings of $4.88 per share. The Sam Adams parent bested sales forecasts as well, aided by a surge in at-home demand for its products despite widespread bar and restaurant closures.
Under Armour — Shares of the athletic apparel company added 2% after Deutsche Bank penned a "catalyst call buy" on the stock. The brokerage wrote that Under Armour will continue to see better profits as consumers pursue healthier lifestyles and brick-and-mortar locations reopen.
Mattel — Mattel was down about 5% in midday trading despite better-than-expected financial figures. The company said Thursday evening that it lost 26 cents per share for its latest quarter, smaller than the 34 cents a share loss that Wall Street was expecting. Sales were also better than expected thanks to strength in Mattel's flagship Barbie brand, which grew up 35%.
— CNBC's Jesse Pound, Fred Imbert and Pippa Stevens contributed reporting.