Check out the companies making headlines in midday trading.

J.B. Hunt Transport Services — The transportation stock jumped nearly 5% after executives said on an earnings call that they expect to see the freight market rebound in second quarter going into third quarter as inventory resets. The company reported fourth-quarter results fell short of analysts' expectations on both top and bottom lines, according to StreetAccount.

Moderna — Shares rose 3.3% a day after the pharmaceutical company said its respiratory syncytial virus vaccine is effective in preventing the disease in older adults.

Chegg — Shares fell 16.6% after Needham downgraded Chegg to hold from buy, saying the online education company will have trouble reaching consensus for full-year revenue growth in Chegg Services, according to StreetAccount.

Microsoft — Shares of the technology giant moved about 1.9% lower after it announced plans to cut 10,000 jobs through March 31 in an attempt to trim costs as economic uncertainties linger and growth slows. Microsoft also said it's taking a $1.2 billion charge connected to lease consolidation and other activities.

Mobileye — Shares of the assisted driving company gained 6.1% after Deutsche Bank initiated coverage of the stock as a buy. The firm said Mobileye's technology was superior and could help the company become a Tier 1 auto supplier.

Oatly Group — Shares of Oatly Group fell nearly 4.1%, losing steam after Mizuho upgraded the stock to buy from neutral. The firm said improving capacity should accelerate growth for the plant beverage company.

GoDaddy — Shares jumped 3% after Evercore ISI upgraded GoDaddy to outperform from in line, saying the firm has a "reasonably recession-resistant business model."

Gap — Shares jumped nearly 1.3% after Morgan Stanley upgraded Gap to equal weight from underweight, saying there's "more upside than downside" at current levels for the stock.

PNC Financial Services Group — Shares of the midsized bank fell 6% after PNC missed key Wall Street estimates. PNC reported $3.49 in adjusted earnings per share and $3.68 billion of net interest income for its fourth quarter. Analysts surveyed by StreetAccount had penciled in $3.95 per share and $3.74 billion of net interest income. Net income was down from the third quarter, in part due to a higher provision for credit losses.

YETI Holdings — Shares of the lifestyle outdoor brands company shed about 7% after being downgraded by Cowen to market perform from outperform. The Wall Street firm said e-commerce traffic trends were moderating.

Hancock Whitney — Shares fell 5.7% after the bank reported earnings that came mostly in line with expectations, but net interest income came in below expectations, according to StreetAccount.

— CNBC's Michelle Fox, Jesse Pound, Alex Harring and Yun Li contributed reporting.

Correction: The story has been updated to show the PNC Financial missed estimates for adjusted earnings per share and net interest income. A previous story misstated one of the metrics being compared.