Stocks making the biggest moves midday: Microsoft, Chipotle, Boeing, First Republic Bank and more
The Microsoft logo is displayed on the company's stand during the Mobile World Congress in Barcelona, Spain, on March 2, 2023.

Check out the companies making the biggest moves midday:

Microsoft — Shares of tech giant Microsoft gained 7.24% Wednesday after a better-than-expected earnings report a day earlier. Analysts have added to bullish sentiment on the stock as Microsoft delves deeper into artificial intelligence investments and integration with Azure.

Alphabet — Shares of the Google parent rose about 1% in midday trading after reporting earnings that beat expectations, however they closed down 0.13%. The company earned $1.17 per share on $69.79 billion in revenue, while analysts polled by Refinitiv expected it to earn $1.07 per share on revenue of $68.9 billion. The company also announced a $70 billion share buyback.

Amazon — Positive tech earnings also helped lift Amazon shares 2.35% ahead of the e-commerce giant's earnings report, due Thursday. Amazon also began layoffs in its cloud computing and human resources divisions Wednesday. The cuts were previously announced.

Chipotle Mexican Grill — Shares of the Mexican fast food chain soared 12.91% to hit an all-time high after the company reported quarterly earnings and revenue that topped analysts' expectations. The strong results were fueled by robust same-store sales growth. CEO Brian Niccol also said the chain has demonstrated its pricing power.

Boeing — Shares rose 3% in midday trading, but closed up only 0.42%, after the company posted its latest quarterly results and said it would increase production of 737 Max planes later this year despite a production issue. Boeing reported an adjusted loss of $1.27 per share and $17.92 billion in revenue, while analysts anticipated a loss per share of $1.07 on $17.57 billion in revenue, according to Refinitiv.

Activision Blizzard — Shares slid 11.45% after a UK regulator blocked Microsoft's purchase of the video game publisher. Activision Blizzard has said it will work "aggressively" with Microsoft to reverse the block. The company also posted better-than-expected adjusted earnings and revenue for the first quarter. 107230585

First Republic — Shares of the regional bank fell 29.75% on Wednesday, extending their steep losses for the week. First Republic's advisors are pitching larger banks on a potential rescue deal, sources told CNBC, after the regional lender saw massive deposit flight during the first quarter.

PacWest — The regional bank's stock popped 5.56% after the regional bank reported deposit inflows have stabilized, although they were still down in the first quarter. PacWest saw a $1.8 billion increase in deposits from March 20 to April 24. However, deposits for the first quarter totaled about $28.2 billion, down from $33.9 billion from the fourth quarter of 2022.

General Dynamics — Shares sank 3.55% despite a beat on earnings and revenue for the first quarter. However, its aerospace segment saw a decline in revenue thanks to fewer aircraft deliveries. CEO Phebe Novakovic also said the company will incur some period costs as it builds a "considerable" number of Gulfstream G700s to be delivered in the third and fourth quarters.

Enphase Energy — Shares tanked 25.73% after its second-quarter revenue forecast came in at $700 million to $750 million, missing estimates of $765.2 million from analysts surveyed by StreetAccount. Enphase CEO Badri Kothandaraman told CNBC's Pippa Stevens growth in the U.S. is at a standstill. Rivals SolarEdge Technologies and First Solar also sank 8.6% and 3.4%, respectively.

Old Dominion Freight Line — The freight shipping company saw shares slide 9.97% after posting earnings and revenue for the first quarter that missed analysts' estimates, according to FactSet. The company also reported volume declines, citing continued domestic softness and increased overhead costs.

Teck Resources — The stock rallied 4.05% after the Canadian-based mining company announced it will not proceed with its proposed split into two companies. Instead, Teck Resources will look to come up with a "simpler and more direct" separation plan.

— CNBC's Yun Li, Hakyung Kim, Brian Evans, Pia Singh, Jesse Pound, Alex Harring and Tanaya Macheel contributed reporting.