Check out the companies making headlines in midday trading Friday.
Zscaler — Zscaler surged 21.9% after reporting strong earnings in its most recent quarter. The company posted adjusted earnings of 25 cents per share on $318 million in revenue. Analysts surveyed by Refinitiv were expecting earnings of 20 cents per share on revenues of $305 million.
DocuSign — Shares jumped 10.5% after the electronic agreement company's quarterly numbers topped analyst expectations. DocuSign's revenue guidance for the third quarter was also above expectations, and its full-year outlook was in line with estimates.
Regeneron Pharmaceuticals — The pharmaceutical stock gained 2.2% after Morgan Stanley upgraded shares to overweight from equal weight following the release of positive results from its eye drug trial. Regeneron soared nearly 19% the prior day on the back of those results.
Lyft — The ride-hailing company popped 5.5% amid rumors on social media platforms that Lyft could be an acquisition target. The stock jumped 17% the prior day.
Kroger — Shares traded 7.4% higher after the supermarket chain surpassed earnings expectations for the previous quarter and raised its full-year guidance.
GameStop, Bed Bath & Beyond — Two of the main meme stocks outperformed on Friday as investors piled back into risk assets. Shares of GameStop rose nearly 12%, while Bed Bath & Beyond jumped 8.1%. There was no clear catalyst for either stock's move.
RH — Shares of the company formerly known as Restoration Hardware rose 4.5% after a better-than-expected quarterly report. RH earned an adjusted $8.08 per share on $992 million of revenue. Analysts surveyed by Refinitiv had penciled in $6.71 per share on $968 million of revenue. However, the company did project for third quarter net revenue to be down between 15% and 18%, and its CEO said on the analyst call that the economy is in a recession.
Tesla — Tesla's stock rose 3.6% after a letter to the Texas Comptroller's Office revealed that the electric car giant is weighing building a lithium factory in the state for electric vehicle batteries.
Navient — Shares of the student loan servicer fell 3.2% after Barclays downgraded the stock to equal weight, citing risks from President Joe Biden's debt forgiveness plan that could potentially hurt the company's earnings going forward.
Enphase Energy — Enphase dropped 3.7% after Guggenheim downgraded shares to neutral from buy, saying the energy stock is "now fairly valued and that upside to our estimates is unlikely."
Virgin Galactic — Shares of Virgin Galactic tumbled 4.5% after Bernstein downgraded the stock to underperform from market perform and cut its price target to $4 from $7 per share. Analyst Douglas Harned cited declining confidence in the success of the space tourism company's business.
Caterpillar — The stock rose 3.5% after the construction equipment maker said it reached a settlement with the Internal Revenue Service, resolving a multiyear tax dispute without penalties.
National Beverage — Shares dropped 7.4% after the company disappointed in its most recent earnings report. National Beverage reported earnings of 38 cents per share on revenue of $318.12 million, compared with consensus estimates of 55 cents earnings per share on revenue of $327.29 million, according to StreetAccount.
Zumiez — The apparel retail company saw shares fall 3.8% after it reported disappointing results for its most recent quarter. The company posted earnings of 16 cents per share, which missed a StreetAccount estimate of 47 cents per share. The company's gross margin also fell short of expectations.
— CNBC's Tanaya Macheel, Jesse Pound, Samantha Subin, Michelle Fox Theobald contributed reporting.