Stocks making the biggest moves midday: Upstart, WD-40, Vita Coco and more

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Check out the companies making headlines in midday trading.

Upstart — The consumer lender's shares tumbled by more than 20% after the company issued a profit warning saying it will not meet already-reduced financial targets for its second quarter, pointing to a constrained lending marketplace and moves to convert loans to cash. JMP also downgraded the stock citing «limited revenue visibility» going forward.

Vita Coco — Shares of beverage company Vita Coco surged 16% when Bank of America upgraded the stock to buy and raised its price target. The firm said that a stabilizing ocean freight marketplace should drive down costs and help boost the company's earnings in the years to come. In addition, Bank of America sees Vita Coco as solidly positioned to withstand a potential recession.

WD-40 — The lubricant maker's shares slid 12% after the the company reported weaker-than-expected quarterly earnings. WD-40 Chairman and CEO Garry Ridge cited a «challenging macroeconomic environment» and rising inflation as pressuring gross margins for the company.

XPO Logistics — Shares of freight company XPO Logistics jumped nearly 2% after Morgan Stanley upgraded the stock to overweight from equal weight. The bank considers XPO Logistics a buying opportunity now that shares have dropped 35% year to date.

Spirit Airlines — The airline company's shares added more than 3% after Spirit Airlines postponed yet another shareholder vote on its plan to merge with Frontier Group. It is the third time Spirit delayed a vote, as Frontier Group and JetBlue Airways compete in a bidding war for the airline company.

Twitter — Shares of Twitter lost 4.5% following a Washington Post report that Elon Musk's deal to buy the social media company