Stocks making the biggest moves midday: Robinhood, Chewy, RH, Lululemon and more

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Check out the companies making headlines in midday trading.

Robinhood — Shares of the stock-trading app fell 5.8% in midday trading after Morgan Stanley initiated coverage of the company with an equal-weight rating. The Wall Street firm said Robinhood could be the younger population's Charles Schwab as it has a firm grip over millennials and Generation Z. However, Robinhood will need to expand its product offerings if it wants to retain its appeal, the analyst said.

Lululemon — Shares rose more than 11% after the company announced a $1 billion stock buyback program. The athletic apparel company posted per-share earnings that were better than expected, but the company fell short of Wall Street's revenue estimates. Lululemon also issued first-quarter and full-year guidance higher than the Refinitiv consensus expectations.

BioNTech — BioNTech's stock rose 5.5% after the drug maker reported better-than-expected revenue and earnings for the quarter and reiterated previous vaccine revenue guidance for the year.

Five Below — Shares of the discount retailer fell 4.7% in midday trading following its lackluster earnings report. Five Below reported same-store sales of 3.4%, below estimates of 3.6%. Earnings came in one cent higher than forecasts but revenue missed estimates, according to Refinitiv.

RH — The home-furnishings retailer's shares declined by more than 12% after the company reported a revenue miss for its most recent quarter. RH brought in $902.7 million, compared to estimates of $931.8 million. It also announced a three-for-one stock split that will take place in the spring.

Chewy — Shares of Chewy dropped more than 14% on Wednesday after a fourth-quarter report that missed expectations. The pet-focused