Stocks making the biggest moves midday: State Street, Norwegian Cruise Line, iHeartMedia and more

Check out the companies making headlines in midday trading.

State Street — The financial firm’s shares rose 2.6% after beating on the top and bottom line of its quarterly results. State Street reported earnings of $1.97 per share on revenue of $3.03 billion, while analysts expected earnings of $1.79 per share on revenue of $2.94 billion, according to Refinitiv.

Moderna – Shares of Moderna soared more than 8% on news that the pharmaceutical company would join the S&P 500 on Wednesday, July 21. Moderna will replace Alexion Pharmaceuticals, which is being acquired by AstraZeneca.

Charles Schwab — Shares of the online broker ticked about 2% lower after reporting its quarterly results. Schwab earned 70 cents per share, missing estimates by 1 cent, according to Refinitiv. The company made $4.53 billion in revenue, topping estimates of $4.46 billion. Schwab also showed a slowdown in new clients, which totaled 1.7 million in the second quarter after a record 3.2 million in the first quarter.

The Honest Company — The maker of environmentally sustainable lifestyle products saw its stock jump 3% after Loop upgraded it to a buy from a hold after a recent pullback in shares. Retail demand is strong, Loop said, and any second quarter destocking-related weakness should be made up in the second half.

iHeartMedia — The media company’s stock climbed 3% higher after Goldman Sachs initiated coverage as a buy. Goldman also said iHeartMedia is well positioned to make the transition from legacy radio broadcasting to digital-first audio media.

Dow — The chemical stock dipped 2.7% after Bank of America downgraded Dow to underperform from neutral. The firm said in a note to clients that there was downside risk to the price of polyethylene in the U.S., which could take a bite out of the company’s stock price.

Carnival Corp, Norwegian Cruise Lines — Cruise lines dropped on Friday, with Carnival declining about 2.5% and Norwegian dropping more than 3%. The companies’ shares fell despite positive news that Canada will allow cruise ships to resume operations in its waters starting Nov. 1, sooner than planned. Previously, the Canadian government extended its cruise ban until the end of February 2022. Norwegian and Carnival shares are both down double digits this month.

Tencent Music Entertainment — Shares of the Chinese music streaming service dropped more than 5% after Morgan Stanley downgraded the stock to equal-weight from overweight. The Wall Street firm said rising regulatory issues in China will keep Tencent Music Entertainment from bouncing back after its rough first half of the year. The stock has fallen nearly 40% this year.

Uber — The ride sharing company saw its stock rise nearly 1% after MKM named it a top pick, saying Uber finally has a “line-of-sight” for profitability and that it expects an upward re-rating on the stock.

 — CNBC’s Maggie Fitzgerald, Hannah Miao, Yun Li, Jesse Powell and Michael Bloom contributed reporting