Stocks making the biggest moves midday: Gap, Medtronic, Apple, Starbucks, Chipotle and more
Check out the companies making headlines in midday trading.

Medtronic — Shares of the medical device company rose 2.5% after Medtronic beat Wall Street expectations for its fiscal first quarter. The company's adjusted earnings per share of 62 cents was 43 cents higher than analysts expected, according to FactSet, and revenue fell less than anticipated. Revenue for the diabetes segment fell less than other business lines. Medtronic did not provide future guidance but said there has been a faster-than-expected recovery from the pandemic.

Apple — The iPhone maker's stock dropped 0.8% in midday trading, paring a fraction of Apple's robust year-to-date gains. The Tuesday decline came after a California federal judge said that Epic Games, the maker of popular online game "Fortnite," can maintain access to Apple's software-development tools but that the game itself would remain out of the App Store. Despite the losses on Tuesday, Apple stock is up 68.8% this year.

Best Buy — Best Buy shares dropped 4% even after the electronics retailer posted strong second-quarter results. The company reported a profit of $1.71 per share, topping a Refinitiv estimate of $1.08. Revenues and same-store sales also beat expectations as digital sales more than tripled in the quarter. However, CFO Matt Bilunas the strong sales trend wasn't likely to continue at the same pace.

J. M. Smucker — The food products stock surged 6.9% after the company reported higher-than-expected earnings and revenue for its fiscal first quarter. J. M. Smucker reported adjusted earnings on $2.37 per share on $1.97 billion of revenue. Analysts surveyed by FactSet were looking for $1.67 in earnings per share and $1.81 billion of revenue. The company said that it saw sales growth across all its retail categories in the U.S. and internationally.

Exxon Mobile , Pfizer , Raytheon Technologies — Shares of the energy giant slid 3.2% after S&P Dow Jones Indices said it was removing the company from the Dow Jones Industrial Average. Pfizer and Raytheon fell 1.1% and 1.5%, respectively, on the news that they, too, will be removed from the benchmark. Salesforce, Amgen and Honeywell will all join the Dow, and each stock was up more than 3% on Tuesday.

Facebook — Shares gained 3.5% after UBS raised its price target on the social media company to a Street high of $330 from $242. The bank said it sees potential growth in Facebook's new e-commerce initiatives. The fresh target represents an 18% gain from here.

Gap — Shares of the retailer surged 10.4% after Citi upgraded the stock to buy from neutral. Citi said that even though Gap failed to spin off its Old Navy brand, the firm still sees as much as 50% upside from the company's Athleta brand. Gordon Haskett's Dan Bilson struck a similar tone about Gap's Athleta brand on Monday, saying the athletic brand is a rising rival of Lululemon.

Chipotle — Shares of the Mexican fast-food chain rose 2.3% after Bernstein raised it price target on the stock to $1,600 per share from $1,300.The new target makes Berstein the biggest Chipotle bull on Wall Street. "Mobile order ahead has also tripled; reduced delivery support will likely translate into ordering channel shift, not lost traffic," the analyst said.

L Brands — Shares rose 3.3% after MKM upgraded the retailer to buy from neutral. The Wall Street firm said it's bullish on the company's Bath & Body Works brand to outperform during the rest of the coronavirus pandemic and beyond. MKM also cited better-than-expected earnings and cost-cutting initiatives as catalysts for the upgrade.

Starbucks — Shares of the world's largest coffee chain rose 5.1% after Stifel upgraded the stock to buy from hold. The analyst said Starbuck's valuation was "reasonable" and that the company's strategic initiatives will lead to a more "robust" performance as mobility improves.

American Airlines — Shares dropped 2.2% on news the company is cutting 19,000 jobs when federal aid expires in October. American is currently prohibited from laying off workers through Sept. 30 as part of a $25 billion aid package.

— with reporting from CNBC's Yun Li, Jesse Pound, Tom Franck, Fred Imbert and Pippa Stevens.