Stocks making the biggest moves midday: Spotify, United Parcel Service, Pentair and more

Check out the companies making headlines in midday trading: Spotify Technology — Shares surged 12% after the music streaming company posted better-than-expected second-quarter earnings. Gross margin and operating income also surpassed expectations. Analysts said they remain cautiously optimistic despite softness in monthly active user counts, pointing to strong margin performance and the company's focus on premium subscribers and bundles.

The stock popped more than 9% after the company reported second-quarter earnings that topped Wall Street's estimates. posted earnings of $3.64 per share, excluding items, on revenue of $707.9 million. This is above the $3.55 in earnings per share on $696.4 million in revenue that analysts surveyed by FactSet were expecting. Pentair — The water treatment company moved more than 7% higher, putting the stock on pace for a record close. Pentair beat expectations for the second quarter, posting earnings of $1.22 per share, excluding items, compared to the FactSet consensus estimate of $1.14 per share.

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