Stocks making the biggest moves midday: META, WRBY, MKC

See which companies are making headlines in midday trading.

warby parker — The eyewear maker surged 3.4% after Evercore ISI upgraded its stock price to outperform Inline. The company said 2024 should be a “year of fundamental inflection” for Warby Parker.

trex — Shares of the wood-alternative decking maker fell 3.8% even after Goldman Sachs gave Trex a buy rating. The bank said the company was “well positioned” to drive growth and profitability.

ellie lily, Point Biopharmaceutical — Shares of Eli Lilly fell 2.4% after the pharmaceutical giant announced plans to acquire cancer drug developer Point Biopharma for $12.50 a share, or about $1.4 billion. Point Biopharma shares soared nearly 85%.

rivian cars — Shares of the electric car maker fell 8.3% despite Rivian’s deliveries exceeding expectations and continued demand. Morgan Stanley previously reiterated its overweight stance on the company, saying Rivian’s FY23 production guidance of 52,000 units supports the company’s 48,000-unit delivery forecast. Concerns remain that rising borrowing costs will slow demand for EVs in the United States.

Airbnb — The short-term vacation rental company fell 6.5% after KeyBanc downgraded its exposure to the stock from overweight to sector overweight. KeyBanc said Airbnb’s margins will shrink as travel demand eases after the pandemic.

McCormick — Shares of the spice maker fell 8.5% after McCormick reported earnings of 65 cents per share excluding items and revenue of $1.68 billion for its latest quarter. That was roughly in line with analysts polled by StreetAccount who had expected earnings of 65 cents per share and revenue of $1.7 billion.

meta — The social media giant’s shares fell more than 1.9% after news that the company was considering charging European Union Facebook and Instagram users a $14 monthly fee to access both platforms without ads.

Fiverr International — Shares rose 0.5% after Roth MKM upgraded the company to buy from neutral. The Wall Street firm is “incrementally positive” on the stock, citing a survey of freelancers that supports Fiverr’s leading position among gig workers.

alliance finance — Home and auto companies lost 3.2%. Earlier in the day, Evercore ISI added a Tactical Perform rating on the stock, noting that it appears to be oversold in the near term. However, Evercore ISI reiterated its long-term inline rating on Ally and reduced its 12-month price target.

— CNBC’s Alex Harring, Brian Evans, Samantha Subin and Jesse Pound contributed reporting.