Check out the companies making headlines in midday trading. Apple — Shares tumbled around 3.2% after Jefferies downgraded the iPhone maker to underperform from hold. The firm said Apple's AI outlook is "subdued" and believes it may miss on revenue when it reports fiscal first quarter results later this month. Loop Capital also lowered its rating on the stock to hold. Charles Schwab -- The brokerage firm rose 5.9% after a stronger-than-expected fourth-quarter report. Schwab generated $1.01 in adjusted earnings per share, while analysts polled by FactSet were expecting 91 cents per share. Revenue rose 20% year over year to $5.33 billion as total client assets surpassed $10 trillion. 3M — The industrial stock popped about 4.2% after the company reported fourth-quarter earnings that beat expectations. 3M reported an adjusted profit of $1.68 per share, above an LSEG consensus of $1.66 per share. Adjusted revenue of $5.81 billion came in above estimates of $5.78 billion. The results were boosted by higher sales of industrial adhesives, tapes and electronics during the holiday quarter. Walgreens Boots Alliance — The pharmacy stock declined more than 9% after the U.S. Justice Department filed a nationwide lawsuit against the company, alleging that Walgreens knowingly filled unlawful prescriptions for opioids and other highly addictive painkillers. Moderna — Shares jumped 5.4% after the company received $590 million in funding from the U.S. Health and Human Services Department to fast-track the development of its bird flu vaccine. China electric vehicle stocks — Shares of China electric vehicle companies rose after President Donald Trump fell short of immediately signing off on tariffs right after his inauguration. Shares of XPeng and Li Auto gained 6.2% and 5.3%, respectively. Vistra — The electricity generation stock rose 8.5% after evacuation orders stemming from a fire at the company's Moss Landing battery storage facility were lifted. Ulta — Shares rose 4.2% after Morgan Stanley upgraded the beauty retailer to overweight. The investment bank believes Ulta can continue to grow and gain market share in an expanding beauty industry. Trump Media & Technology Group — Truth Social's parent company fell 11.1% a day after Donald Trump was officially inaugurated as the 47th president of the U.S. The stock is headed toward its worst day since Nov. 7, when it fell 23%. Qorvo — Shares gained 4% following an upgrade at Morgan Stanley to overweight from equal weight. Analyst Joseph Moore said now that activist investor Starboard Value has a stake in the company, the chipmaker could see "a renewed earnings recovery path." Urban Outfitters — The clothing retailer surged 9.9% following an upgrade to overweight from equal-weight at Morgan Stanley. The bank's price target of $63, raised from $41, implies that shares of Urban Outfitters could rise nearly 15% from their current levels. General Motors — The automaker surged more than 5% after an upgrade to buy from hold at Deutsche Bank. The firm said the downside potential for GM under a second Trump administration is factored into the stock, leaving room for "positive surprises." Deutsche also cited GM's share buyback plans. Roku — Shares gained 5.1% after JMP initiated coverage with an outperform rating. The firm believes Roku's position as a "top streaming platform in the U.S." is sustainable, and that Roku stands to benefit from a surge in advertising spending in the connected TV market. Curtiss-Wright — The aviation and defense stock rose 4.2% after Citi initiated coverage of the company with a buy rating, saying Curtiss-Wright can benefit from expected spending growth in the aerospace and defense industry with its "nuclear optionality." — CNBC's Yun Li, Jesse Pound, Michelle Fox, Lisa Han and Pia Singh contributed reporting
