Stocks making the biggest moves midday: Lowe's, 3M, First Horizon, Nio and more

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Check out the companies making the biggest moves midday:

Lowe's — Shares fell 5.8% after the home improvement retailer's fiscal fourth-quarter sales fell short of Wall Street's expectations, with revenue coming in at $22.45 billion versus the $22.69 billion estimate from Refinitiv. While it topped EPS estimates, Lowe's gave sales guidance for 2023 that missed expectations.

3M — The stock gained 3% following 3M's announcement that Department of Defense records show the vast majority of the claimants in the Combat Arms earplug litigation against the company have no hearing impairment.

First Horizon — Shares sank 10% after its acquisition by Toronto-Dominion Bank was delayed. TD informed First Horizon that it doesn't expect the necessary regulatory approvals to be received in time to complete the merger by May 27, according to a filing with the Securities and Exchange Commission. TD said it could not provide a new projected closing at this time, but said in an email to Bloomberg that it was committed to the transaction.

Sarepta Therapeutics — The biotech stock surged 18% after Morgan Stanley upgraded it to overweight from equal weight. The Wall Street firm said Sarepta Therapeutics' path for its investigational gene therapy for Duchenne muscular dystrophy (DMD), SRP-9001, now appears «de-risked.»

Rivian Automotive — Rivian's stock plummeted more than 17% after the car manufacturer posted mixed fourth-quarter results. Rivian also shared an electric vehicle production outlook that fell short of analysts' expectations.

Nio — Shares of the Chinese electric vehicle company dropped more than 5% after the firm reported a widening net loss in the fourth quarter. The stock has fallen more than 8% year to date,