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Stocks making the biggest moves midday: Wendy's, Lyft, Diamondback Energy & more

Maggie Fitzgerald

Check out the companies making headlines midday Wednesday:

Wendy's WEN - The fast food chain rose 3% in midday trading after reporting better-than-expected earnings before the bell. Wendy's reported an adjusted quarterly profit of 14 cents per share , beating analysts' estimates by 3 cents. Total revenue rose 7.4% to $408.6 million, topping estimates of $399.8 million.

Lyft LYFT - The ride-sharing company's stock was down more than 7% after it reported a big loss in its first ever earnings report a day earlier. Despite the loss,  Wall Street analysts  were optimistic, with Credit Suisse calling the results a "good first step." Lyft's revenue was $776 million, compared to analysts' forecast of $739 million.

Diamondback FANG - The energy company surged almost 9% following the  release of strong first-quarter earnings . The oil and gas driller is on pace for its best day since November 2016. The company also announced a $2 billion share repurchase program.

Match Group MTCH - Tinder parent company's stock soared more than 10% after beating on revenue and profit in its first-quarter report a day earlier. Match reported earnings per share of 42 cents on revenue of $465 million. Analysts forecast earnings per share of 32 cents on revenue of $464 million per Refinitiv.

Qorvo QRVO - The maker of radio frequency components surged more than 5% after reporting adjusted quarterly profit of $1.22 per share, beating the Refinitiv estimate of $1.05 a share. Qorvo also posted revenue that beat estimates and gave a positive current-quarter outlook.

Lending Club LC - Shares of Lending Club surged more than 15% after Wedbush upgraded the lending company's stock to "outperform" from "neutral." Wedbush also increased its price target for the stock to $5 from $3.75, after the company reported strong first-quarter earnings Tuesday after the bell.

Mosaic MOS - Shares of Mosaic were up more than 3% after J.P. Morgan upgraded the fertilizer producer's stock to "overweight" from "neutral." The upgrade comes a day after the company posted better-than-expected earnings and revenue for the first-quarter of the year, despite increased costs due to poor weather.

TripAdvisor TRIP - The travel website plummeted 11% after missing on revenue in its first-quarter results on Tuesday. TripAdvisor reported revenue of $376 million, compared to Wall Street estimates of $387 million, according to Refinitiv.

U.S. Steel X - The steelmaker plunged more than 5% after UBS downgraded the stock  to "sell" from "neutral." UBS said it estimates near-term capital investment will not reverse market share losses in the coming years for the company.

—CNBC's Jessica Bursztynsky, Nadine El-Bawab and Matt Lavietes contributed to this report.

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