Stocks making the biggest moves midday: Tesla, Five Below, Novavax, Nio and more

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Check out the companies making headlines in midday trading.

Tesla — Shares rose about 2.2% after UBS upgraded the electric vehicle stock to buy from neutral. The firm said Tesla's pullback this year offers an «attractive entry point» for investors. «We believe the operational outlook is stronger than ever before,» UBS said.

Signet Jewelers – The jewelry retailer's shares advanced by roughly 9% after the company posted quarterly profit and revenue that beat analysts' estimates and issued an upbeat forecast for the year. Signet also expanded its share repurchase authorization by $500 million.

Five Below — The discount retailer's stock shed 2.9% following a slight beat on earnings but a miss on revenues in the recent quarter. Five Below cut guidance for the year.

Nio — Nio's stock fell 7% following the Chinese electric vehicle maker's recent quarterly earnings report. The company struggled during China's Covid-19 lockdowns and is facing a margin squeeze unlikely to begin recovering until the third quarter, said CEO William Bin Li during an earnings call.

Novavax — Shares of the drugmaker tumbled 16% on news that the FDA could postpone a decision on Novavax's Covid-19 vaccine. The FDA needs to evaluate changes to the drugmaker's manufacturing process, a spokesperson told CNBC.

Ollie's Bargain Outlet — The discount retailer's stock jumped 6.2% on an upgrade from RBC Capital Markets to outperform from sector perform following Ollie's recent quarterly report.

Skillsoft — Skillsoft's stock plummeted 16% after the learning platform posted quarterly results. The company reported a smaller loss than analysts anticipated but posted revenue that fell below analysts' expectations.

— CNBC's Tanaya Macheel and Hannah