Check out the companies making the biggest moves midday:

Starbucks — The Seattle-based coffee company jumped 8.48% after reporting quarterly profit and revenue that topped expectations. Net sales rose 3.35 to $8.41 billion and Global same-store sales rose 7%.

Twilio — Twilio’s stock plunged 34.61% a day after the company issued a weaker-than-expected sales forecast. On Friday, Cowen downgraded the communication tools company to market perform from outperform, citing deteriorating macro trends.

Cloud stocks — Cloud stocks took a hit amid concerns that interest rates will rise for longer than previously expected. Better-than-expected jobs data Friday also fueled concern about the Fed’s continued tightening. Salesforce lost 4.48%, Cloudflare dropped 18.42% and Paycom slid 6.17%. Elsewhere, Crowdstrike was down 9.87%, ZoomInfo Technologies lost 6.3%, Bill.com dropped 8.44%, ServiceNow lost 6.18%, and Datadog slid 6.17%.

Block — Shares jumped 11.5% after the mobile payments company surpassed profit and sales expectations in its third-quarter results. Block reported earnings of 42 cents per share on revenue of $4.52 billion. Analysts polled by Refinitiv were forecasting earnings of 23 cents per share on revenue of $4.49 billion.

Carvana — Carvana dropped 38.95% after reporting worse-than-expected quarterly results on Thursday. On Friday, Morgan Stanley’s Adam Jonas pulled the firm’s ratings and price target on the used-car retailer, citing deterioration in the used car market and a volatile funding environment.

Coinbase — The stock jumped 5.41% after the company reported better-than-expected user numbers, even as Coinbase reported a miss on profit and sales expectations. The cryptocurrency platform reported a drop in revenue from a year ago as investors dumped digital assets.

DoorDash — The food delivery platform jumped 8.32% after it reported record orders leading to revenue that beat expectations. However, its quarterly loss was still larger than anticipated.

Atlassian — Shares of Atlassian dropped 28.96% Friday after the collaboration software maker reported lower earnings than expected and issued a disappointing outlook Thursday. Piper Sandler downgraded the stock to neutral from overweight on Friday, citing a slowdown in subscription billings for the company.

Topgolf Callaway Brands — Shares of Topgolf Callaway rose 7.86%. The company reported earnings that topped expectations on Thursday. Jefferies analyst Randal Konick also hiked his price target on the stock to $56, 221% above Thursday’s close.

Funko – Shares of Funko shed 59.38% after the company reported disappointing earnings that included a less-than-rosy forward guidance with a fourth quarter loss. In addition, JPMorgan downgraded the company to neutral from overweight, citing the earnings miss and an uncertain future.

DraftKings — DraftKings fell 27.82% after warning a prolonged economic downturn could impact spending by its customers. However, the sports betting company also reported a smaller-than-expected quarterly loss and revenue that topped Wall Street forecasts

Cinemark Holdings — Shares rallied 9.43% after the movie theater operator reported better-than-expected quarterly revenue.

Warner Bros. Discovery — Warner Brothers Discovery fell 12.87% after reporting a wider-than-expected earnings loss and revenue that fell short of analyst estimates. Bloomberg also reported the company plans to slash jobs in its film unit.

PayPal — PayPal slid 1.79% after lowering its annual revenue growth forecast. The company expressed caution about the impact of an economic downturn. However, it reported better-than-expected quarterly profit and revenue.

Freeport-McMoRan — Shares of the mining company rallied 11.5%, following the rise of copper, which it mines. Rumor and speculation about the possibility of China reopening its economy spurred the climb in commodities.

China stocks — That speculation about China possibly lifting Covid restrictions also sent shares of China-based companies higher. Alibaba jumped 7.05%, Pinduoduo rose 8.64%, Bilibili rallied 22.88%, and JD.com gained 9.74%.

— CNBC’s Alexander Harring, Sarah Min and Carmen Reinicke contributed reporting.