Stocks Making the Biggest Moves Midday: UnitedHealth, Bank of America, Caterpillar and More

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Here are the stocks making notable moves on Thursday.

UnitedHealth – Shares of the health insurer popped more than 4% following a blowout earnings report. UnitedHealth posted an EPS of $4.52 in the third quarter, 11 cents above analysts' estimate, according to Refinitiv. Its revenue also came in above expectations, while the company raised its full-year earnings forecast.

Bank of America – Shares of the second-biggest U.S. bank by assets jumped 4.5% after its third-quarter earnings and revenue exceeded analysts' expectations. Bank of America benefited from record advisory and asset management fees.

Caterpillar – Shares of the manufacturing giant popped 2.9% after Cowen initiated coverage of Caterpillar with an outperform rating. The Wall Street firm said it sees a "megacycle underway" for the equipment-maker.

UPS – Shares of the shipping company rallied 4% following an upgrade to buy from hold at Stifel. The Wall Street firm said in its upgrade of the stock that it sees "strong fundamentals & healthy operating backdrop."

Morgan Stanley – Shares of the investment bank rose 2.5% after Morgan Stanley reported a stronger-than-expected third quarter. The company earned $1.98 per share on $14.75 billion in revenue, fueled by strong quarters for investment banking and asset management divisions. Analysts surveyed by Refinitiv were expecting $1.68 in earnings per share on $14 billion in revenue.

Walgreens Boots Alliance – Walgreens shares gained more than 7% after the drugstore chain's quarterly earnings beat expectations. The company reported adjusted earnings of $1.17 per share, 15 cents above estimates, boosted by more Covid-19 vaccinations than projected. Walgreens also announced it would become majority owner of VillageMD with a $5.2 billion investment.

Avis Budget Group – Shares of the car rental company dropped 1.8% after Morgan Stanley downgraded the stock to underweight from equal weight. The firm said Avis was at peak cyclical earnings and presented a negative risk/reward tradeoff.

U.S. Bancorp – The bank stock slid more than 2% despite U.S. Bancorp's third-quarter earnings beating expectations on the top and bottom lines. The company reported $1.30 in earnings per share on $5.89 billion in revenue. Analysts surveyed by Refinitiv were expecting $1.16 in earnings per share on $5.77 billion in revenue.

Taiwan Semiconductor Manufacturing – The U.S.-traded shares for the key semiconductor company rose more than 2% after the Taiwan Semi's third-quarter results beat expectations. The company's fourth-quarter guidance also topped estimates, according to StreetAccount.

-CNBC's Yun Li, Hannah Miao and Maggie Fitzgerald contributed to this report.

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