Stocks making the biggest moves midday: Yelp, AutoZone, Lowe's, Apple and more

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Check out the companies making headlines in midday trading.

Yelp — Shares of the online reviewing company jumped more than 9% after activist investor TCS Capital Management took a stake in the firm, saying in an open letter that the company should explore strategic alternatives, including a sale. TCS Capital built up a more than 4% position in Yelp, becoming one of the company's top five shareholders. TCS said Yelp is «shockingly undervalued» and could be sold to a private equity buyer for at least $70 per share, a more than 120% premium.

AutoZone — The auto retailer's shares fell more than 5% after missing revenue expectations for the fiscal third quarter. AutoZone posted $4.09 billion in revenue, less than the $4.12 billion consensus estimate of analysts polled by Refinitiv. Earnings of $34.12 per share topped analysts $31.51 forecast. Inventory increased 7.4% year over year.

Lowe's Companies — The home improvement retailer advanced 2.8% on a first-quarter earnings report that beat analyst expectations. But the company cut its full-year outlook.

Chevron — The San Ramon, California-based energy producer added 3.1% in midday trading. HSBC upgraded Chevron to buy from hold earlier on Tuesday, citing a potential rebound in oil prices.

Zoom Video Communications — Shares tumbled more than 7% following the video conferencing stock's first-quarter report. While the company beat Wall Street expectations for both earnings per share and revenue, Zoom's expectations for the current quarter were only in line with expectations, according to Refinitiv.

Broadcom — Broadcom shares added about 2% after Apple announced a multibillion-dollar chip deal with Broadcom. The multiyear plan stems from the iPhone maker's