Stocks making the biggest moves midday: Big Lots, Best Buy, Nikola and Lucid

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Check out the companies making headlines in midday trading.

Big Lots – Shares jumped 7.8% after the discount retailer posting a smaller-than-expected loss for the recent quarter. Revenue also beat expectations and comparable store sales fell 9.2% year over year, but beat analysts' expectations of a wider decline.

Best Buy – Shares of Best Buy gained 2.9% after the retailer reported results before the bell Tuesday that beat Wall Street's expectations on the top and bottom lines.

First Solar – First Solar hit a 52-week high on Tuesday, with shares last up 0.4%. Earlier in the day, the solar technology company announced it will invest up to $1 billion in building a new solar panel manufacturing facility in the U.S. The key catalyst for the move, as well as an additional $185 million upgrade to existing facilities, were the tax incentives from the Inflation Reduction Act, its CEO said.

Lucid, Nikola – Shares of electric vehicle makers Lucid and Nikola slipped 6% and 9% respectively after both companies this week moved to raise additional cash. Lucid said in a Monday filing that it intends to issue $8 billion in new stock over the next three years. Nikola said in a filing Tuesday it plans to issue up to $400 million of new shares at market prices.

Oil companies – Oil company stocks tumbled Tuesday, alongside the price of the commodity. Marathon Oil, Halliburton and Diamondback Energy all slipped about 5%. Chevron fell more than 3%. The sector led declines on the S&P 500 and Dow.

Baidu – Shares of the Chinese technology company fell 8% despite Baidu beating estimates on the top and bottom lines in the second quarter. The company's revenue was down year over year, even as it beat estimates. Baidu did also