Stocks making the biggest moves midday: Palantir, Rivian, Uber and more

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Check out the companies making headlines in midday trading Monday.

Palantir – Shares of the software company dropped more than 18% after Palantir's first-quarter earnings came in below expectations. The company reported 2 cents of adjusted earnings per share on $446 million of revenue. Analysts surveyed by Refinitiv expected 4 cents of earnings per share on $443 million of revenue. Palantir's second-quarter guidance for revenue and adjusted operating margin was also below expectations, according to StreetAccount.

Rivian – Shares of the electric vehicle maker fell more than 17% following a CNBC report that Ford Motor will sell 8 million shares as the insider lockup for the stock is set to expire. Ford currently owns 102 million shares of Rivian. Ford shares fell 4%.

Uber – The ride-sharing company's stock dropped 6.4% after CEO Dara Khosrowshahi revealed plans to slash marketing and incentives spending and treat hiring as a «privilege,» according to an email to employees obtained by CNBC. «It's clear that the market is experiencing a seismic shift and we need to react accordingly,» he said.

Coty — Shares tumbled 5.7% despite an earnings beat from the cosmetics company. Coty earned 3 cents per share on revenues of $1.19 billion in its most recent quarter. Analysts polled by Refinitiv were expecting earnings of 1 cent per share on revenues of $1.15 billion. Coty also raised its full-year outlook based on strong consumer demand.

Tyson Foods – Shares of the beef and poultry producer gained 1.7% on the back of better-than-expected quarterly results. Tyson reported earnings of $2.29 per share on revenue of $13.12 billion. Analysts had expected a profit of $1.91 per share on revenue of $12.85 billion, according