Check out the companies making headlines midday Thursday:

Advanced Micro Devices — AMD rose 7.9% after Morgan Stanley upgraded the stock to equal weight from underweight and raised the price target to $28 from $17, saying being cautious on AMD has "obviously been the wrong call." The bank said AMD has consistently performed well among its competitors Intel and Nvidia.

Ciena — Shares of the telecom supplier surged more than 26% on fiscal second-quarter earnings that topped expectations. Ciena reported adjusted earnings per share of 48 cents. Analysts polled by Refinitiv expected a profit of 33 cents a share.

Stitch Fix — Stitch Fix soared more than 14% after the online personal styling company beat on the top and bottom lines of its fiscal third quarter results. Stitch Fix reported earnings per share of 7 cents, while analysts polled by Refinitiv expected a loss of 3 cents. Revenue came in at $409 million, notching seven consecutive quarters of more than 20% growth.

Signet Jewelers — Shares of Signet fell 1.2% after reporting lower-than-expected same-store sales for the first quarter. Same-store sales dropped 1.3%, while analysts estimated a drop of 0.8%. Signet posted earnings per share of 8 cents on revenue of $1.432 billion. Wall Street estimated a loss of 23 cents per share on revenue of $1.415 billion, according to Refinitiv.

Tesla — Tesla shares jumped 4.8% as Wall Street cheered the company's sales in May. Tesla sales rose 73% last month compared to last year. That outperformed electric vehicle sales from Audi, BMW, Jaguar, Chevrolet and Nissan.

Dermira — Shares of the dermatology drug company rose 4.8% after an analyst at Mizuho upgraded them to buy from neutral. The analyst cited expectations its lebrikizumab will get licensed for commercialization in the European Union later this year.

MongoDB — The database programming company fell 0.8% after its second-quarter guidance disappointed investors. MongoDB expects a to lose between 27 cents and 29 cents per share. FactSet expected guidance of a loss of 27 cents.

Cloudera — Shares of the cloud company plunged more than 40% the company announced CEO Tom Reilly is retiring from his post, effective July 31.

Michaels Companies — Shares of the arts and crafts retailer plunged 12.4% after sales disappointed and the company cut its full-year earnings forecast. The company posted revenue of $1.094 billion, missing expectations. It also posted weaker-than-expected same-store sales.

—CNBC's Maggie Fitzgerald contributed to this report.