Stocks making the biggest moves midday: Chipotle, Microsoft, Spotify, Alphabet and more

Signage is displayed outside a Chipotle Mexican Grill Inc. restaurant in San Francisco, California, U.S., on Monday, July 20, 2020. Chipotle is scheduled to release earnings figures on July 22.

Companies are making news in midday trading.

After the bell, the restaurant chain's shares jumped more than 16%. The company said there will be another increase in profits in August. Following the results, the company was reiterated as a buy by the investment banking firm.

The recent quarter saw strong year-over-year search revenue growth for the parent company of the internet giant. Results were better than expected despite a miss on the top and bottom lines.

After issuing a rosy income forecast, Microsoft rose more than 4%. Microsoft reported disappointing results that missed expectations. Microsoft's revenue grew at a slower rate in the second quarter than in the first.

Even though the e- commerce platform posted disappointing earnings and issued weak forward guidance, it was still able to advance. It said that rising interest rates and inflation will hurt consumer spending.

The solar equipment stock rocketed after posting strong results. Strong growth in Europe helped results, according to Enphase.

The Wall Street Journal reported that an activist investor had taken a stake in the company.

The stock of the Israel-based pharmaceutical company soared after it reached a tentative settlement to pay more than $4 billion for its alleged role in the opiate crisis.

In its most recent earnings report, the music streaming service reported an increase in subscribers. The company reported a worse-than- expected loss.

The company's sales declined in the second quarter. The analysts were expecting more than the actual amount. A strong dollar is one of the reasons for the weakness. The adjusted earnings per share was better than expected.

The top and bottom lines for the second quarter were better than expected. The company reported adjusted earnings per share of $1.29 for the year. Earnings per share were expected to be $1.04 by analysts. The company said its revenue per available-room was up by more than 50%. The earnings guidance was raised.

The reporting was contributed by CNBC's Tanaya Macheel, Jesse Pound, Sarah Min, Carmen Reinicke and Yin Li.