Stocks making the biggest moves midday: Costco, Rivian, Signature Bank, Sweetgreen and more

cnbc.com:

Check out the companies making headlines in midday trading.

Costco — The stock dipped 3.3% midday despite a better-than-expected quarterly report. The retailer reported earnings of $2.92 per share on revenue of $51.9 billion. Analysts had expected earnings of $2.74 on revenue of $51.47 billion, according to Refinitiv.

Broadcom — Shares of the chipmaker jumped 3.6% after the company reported record revenue in the fiscal first quarter that exceeded analysts' expectations. Broadcom reported adjusted earnings of $8.39 per share, higher than the $8.23 per share analysts were looking for per FactSet estimates. Meanwhile, its revenue jumped 16% year over year to $7.7 billion, also topping estimates.

Signature Bank — Shares of crypto-friendly Signature Bank fell 7% despite Goldman Sachs saying Friday it's keeping its buy rating on the stock and is bullish on the company's growth outlook after a recent meeting with management.

Kroger — The grocery chain added about 4% after it provided a business update Friday including its digital push to drive 2022 sales and a commitment to shareholder returns of 8% to 11% over time. The increase follows a boost in shares Thursday after it reported strong earnings.

Splunk — The cloud company's shares rose about 4% after Daiwa upgraded the stock to outperform from neutral, saying it sees an «uptick» in security demand as a result of concerns about Russia.

Best Buy — Shares fell 6.5% after Raymond James downgraded Best Buy to market perform from outperform. «We are placing our stock recommendation in 'sleep mode' for now,» analysts said. The call comes after Best Buy on Thursday reported underwhelming quarterly results that just matched Wall Street expectations.

Rivian Automotive — The electric