Stocks making the biggest moves midday: Peloton, Oracle, Nikola, Domino's & more

Check out the companies making headlines midday Friday:

Peloton — The exercise equipment maker's stock jumped 2.5% after the company handily beat earnings expectations for the fourth quarter. The company earned 27 cents per share, compared with the 10 cents expected by analysts polled by Refinitiv. Sales surged 172% during the quarter as people stayed at home during the pandemic.

Oracle — Shares of the software company rose more than 1% after reporting adjusted quarterly profit of 93 cents per share, 7 cents above estimates, according to Refinitiv. Oracle's revenue also beat Wall Street forecasts. The company's better-than-expected results were helped by an increased focus on cloud-based products and services as more
people work remotely.

Adobe — Adobe shares advanced 0.4% after Cowen upgraded the company to an outperform rating due in part to an acceleration in demand thanks to Covid-19. The firm also lifted its price target to $555, which is roughly 15% above where shares currently trade.

Nikola — Shares of the electric truck maker dropped more than 16% after Nikola dismissed fraud claims made by short seller Hindenburg. CEO Trevor Milton, called the allegations a "hit job." Hindenburg, for its part, accused Milton of making false statements about the company's technology.

Domino's Pizza — Domino's Pizza gained 2.3% after Cowen upgraded the pizza chain to outperform from market perform. The Wall Street firm said Domino is implementing a "long-term playbook" to help "extend the brand's success." The tactics Domino's used include menu and technological innovation, expanded value offerings and more advertising spending, Cowen noted.

Etsy — The online marketplace rose nearly 3% following an upgrade to buy from neutral at BTIG. The Wall Street firm said Etsy has "attractive upside" for one of "e-commerce's fastest growing and best run companies."

Expedia — Shares of Expedia fell more than 2% after an analyst at UBS downgraded the travel bookings company to neutral from buy. The analyst said the "risk/reward" outlook for Expedia is "as compelling at current stock price levels as it was in the March to May timeframe."

Atara Biotherapeutics — Atara shares popped more than 4% on the back of positive data from an ongoing Phase 1 study of a drug aimed at treating progressive forms of multiple sclerosis. The company said the drug was "well tolerated" all trial-participant cohorts, adding that those who "achieved sustained disability improvements at any timepoint maintained it at all future timepoints."

Sage Therapeutics — Shares of Sage Therapeutics jumped 4.4% after Wedbush upgraded the biotech firm to outperform from neutral. The Wall Street firm is bullish on Sage's new drug zuranolone, which treats depressive disorders. Wedbush said it sees reasons for optimism on the drug's exposure.

Rio Tinto — U.S.-listed shares of the metals miner climbed 5% after the company said CEO Jean-Sébastien Jacques stepped down from his post along with other executives. Rio Tinto had been under fire after a blast destroyed historically significant Aboriginal rock shelters in Australia.

—CNBC's Pippa Stevens, Yun Li and Maggie Fitzgerald contributed to this report.