Here are some of the companies making headlines in midday trading. Cisco Systems – Shares slid 2% after HSBC cut its rating on the networking equipment maker and cut its price target to $120 from $137. "We downgrade our rating to Hold (from Buy previously) as we see better value elsewhere," wrote analyst Abhishek Shukla. "As we see growth sequentially decelerating from 2QFY27e onwards, we believe the valuation multiple could come under pressure." Drone stocks – Manufacturers of unmanned aircraft saw shares rise Friday after President Trump imposed import tariffs on foreign-made drones and parts. Unusual Machines gained 24%. Donald Trump Jr., the president's son, joined the advisory board of Unusual Machines in 2024. Red Cat surged 8%, and AeroVironment jumped 2%. Intuitive Machines — The maker of robotic spacecraft and landers designed to fly to the moon jumped 10%. Houston-based Intuitive said its order backlog expanded to $1.55 billion as of June 30 from Dec. 31, and Stifel Financial raised its investment rating to buy from hold with a $26 price target, FactSet's StreetAccount service said. Fox Corporation – The media stock jumped 5% following upgrades to overweight from JPMorgan and Wells Fargo. JPMorgan's David Karnovsky pointed to Fox's agreement to acquire Roku as one of the drivers. "On a strategic and revenue synergy basis, we see substantial runway for Fox to apply its advertising scale and expertise to Roku's broad household reach," he wrote. York Space Systems — The maker of mini-satellites for the military and the government slumped 12%. York second-quarter earnings per share missed analyst estimates, and the Denver-based company lowered full-year guidance, FactSet data showed. York blamed "the removal of the new business revenue in 2026 given the shift in government acquisition methodologies." Reddit — The social media platform surged 12% after S & P Dow Jones Indices said Reddit would join the S & P 500, starting Aug. 18. Reddit will replace AvalonBay Communities, which is merging with Equity Residential . Applied Materials — Shares lost 5% after the semiconductor manufacturing equipment maker posted Q2 results that failed to impress investors. The company earned an adjusted $3.50 per share on revenue of $9.12 billion. Sales in its semiconductor systems division totaled $7.04 billion, only slightly above a FactSet consensus of $6.96 billion. Wayfair — The online furniture retailer gained 1% after Bernstein upgraded its rating to outperform from market perform. "In a furniture market that is not growing, Wayfair is putting up [high single-digit] revenue growth in the US," analysts at the firm wrote . Workday — Shares were last down more than 3% as traders pocketed gains. Workday rallied nearly 18% on Thursday — its best session in 10 years — after Reuters reported that private equity firm Silver Lake was in talks to buy the company. Sandisk — The memory name climbed 6% after an analyst at JPMorgan upgradedSandisk to overweight from neutral. "Sandisk's 'New Business Model' long-term agreements have structurally reset its margin profile higher and materially reduced cyclicality by converting the majority of its business into long-dated, high-margin, take-or-pay-style revenue," the analyst said. CNBC's Scott Schnipper and Darla Mercado contributed reporting.