Take a look at the companies making headlines in midday trading. CHIP STOCKS — Several large chip stocks fell after Bloomberg News reported that the Biden administration is considering cracking down on companies that export chipmaking equipment to China. Nvidia fell 6% and ASML fell 11%. AMD fell 8%. TSMC fell about 7%. The VanEck Semiconductor ETF (SMH) fell about 6%. Elevance Health — Shares of Elevance Health fell 6.4% after the health insurance company issued full-year profit guidance. Elevance expects adjusted earnings of at least $37.20 in 2024, while analysts polled by FactSet expected earnings of $37.28 per share. Second-quarter adjusted profit and revenue were slightly higher than expected. Charles Schwab — TD Cowen downgraded shares of the financial services company to hold, sending the stock down 9%. The firm cited Schwab’s “continued mixed execution” and its potential balance sheet contraction as some of the catalysts behind the new rating. QUALCOMM – Shares fell after HSBC downgraded the company to hold from buy, saying its performance in AI-powered PCs was “lackluster” and it may miss its fourth-quarter revenue target Nearly 8%. JB Hunt Transport Services — The trucking company’s second-quarter results missed Wall Street expectations, sending its shares down 7%. Earnings per share were $1.32, missing analysts’ expectations of $1.52 per share (on an LSEG basis). Revenue for the period was $2.93 billion, also below analysts’ forecasts of $3.04 billion. Omnicom – Shares of the enterprise communications company fell 8% despite beating second-quarter revenue estimates. Omnicom reported adjusted earnings of $1.95 per share, in line with analysts’ forecasts polled by FactSet. The company’s revenue of $3.85 billion beat estimates of $3.83 billion. GitLab, Datadog – Shares of GitLab, a provider of software development tools, rose 7%. Citing people familiar with the matter, Reuters reported that the company was considering a sale after receiving acquisition interest from cloud monitoring company Datadog and other companies. Datadog shares fell 7%. Five Below – Five Below shares fell 22% and had its worst day in more than four years after the company cut guidance and announced the departure of its CEO. Several Wall Street firms also downgraded the value retailer after the news broke. UnitedHealth Group — The healthcare stock rose 4% after the company reported better-than-expected second-quarter profit and revenue. Jefferies upgraded the stock to buy from hold, praising its cost-saving measures that could lead to an “outstanding 25-year set.” Johnson & Johnson — Shares of Johnson & Johnson rose nearly 4% after the drugmaker beat second-quarter revenue and profit estimates. Johnson & Johnson reported adjusted earnings of $2.82 per share on revenue of $24.45 billion. Analysts polled by London Stock Exchange Group (LSEG) expected earnings of $2.70 per share on revenue of $22.31 billion. Meanwhile, the company lowered its full-year adjusted profit guidance to $9.97 to $10.07 per share, compared with the consensus estimate of $10.45 per share, according to FactSet. US Bancorp — Shares of US Bancorp rose more than 4% after the bank reported stronger-than-expected second-quarter results. U.S. Bancorp reported earnings of 97 cents per share, which was hit by regulatory assessments. Analysts polled by FactSet expected earnings of 94 cents per share. Net interest income increased from the first quarter. VF Corporation — Shares of eyewear group EssilorLuxottica rose 7% after the company announced it had agreed to acquire its Supreme brand for $1.5 billion in cash. Sweetgreen — Shares of the salad restaurant chain fell 5%. The stock price fell even though UBS Group AG believes Sweetgreen can deliver revenue growth of 15% or more and therefore has a buy rating on the stock. —CNBC’s Jesse Pound, Hakyung Kim, Samantha Subin, Lisa Kailai Han and Michelle Fox contributed reporting.