In midday trading, several companies made headlines with their performance and announcements. Berkshire Hathaway, the multinational conglomerate, saw a 0.6% increase in its Class A shares following the release of its first-quarter results. The company reported a notable 39% jump in operating profit and its cash holdings are now approaching the $200 billion mark.

Micron Technology, a semiconductor company based in Boise, Idaho, experienced a 4.5% surge in its stock price after receiving an upgrade from Baird. The upgrade lifted Micron Technology's status from neutral to outperform, citing positive trends in dynamic random-access memory (DRAM) pricing and growing demand for high-bandwidth memory.

On the other hand, Spirit Airlines, the discount carrier, faced a 9% decline in its stock value after reporting a first-quarter loss of $1.46 per share, wider than the FactSet consensus estimate by analysts. However, the company's revenue met expectations. Spirit Airlines also provided its forecast for second-quarter revenue, which fell below the FactSet estimate.

In the entertainment industry, Paramount shares rose by 3.3% following reports of formal acquisition negotiations with a group led by Sony Pictures Entertainment and Apollo. However, Warren Buffett revealed that he sold the entire Berkshire stake in Paramount at a loss. Furthermore, United States Steel, the Pittsburgh-based steelmaker, witnessed a more than 2% increase in shares after being upgraded to overweight from equal weight by Morgan Stanley. The financial firm noted that U.S. Steel has potential for growth due to internal improvements, regardless of the outcome of the Nippon Steel buyout deal.

Medical Properties Trust experienced a drop of nearly 7% in its shares following the news that its major tenant, Steward Health Care, filed for Chapter 11 bankruptcy. EHang Holdings, an autonomous aircraft stock, saw a surge of 9% after receiving an overweight rating from Morgan Stanley, highlighting the growing regulatory and governmental support in China.

Tyson Foods, the food processor, reported a drop of 6% in its shares despite beating earnings estimates, as its revenue fell short of expectations. Bausch + Lomb, an eye health stock, recorded a 4.4% increase after being upgraded by Morgan Stanley. The financial firm emphasized the company's progress in improving core profit margins.

Coinbase, the crypto stock, experienced a 2.5% rise in shares after Barclays raised its price target, suggesting that there is less downside ahead for the company. This follows Coinbase's better-than-forecast earnings report last week. Li Auto, the Chinese electric vehicle maker, gained 2.3% after announcing strong orders for its L6 vehicles, with over 41,000 orders received in the April 18 to May 5 period, according to a Weibo post.

Lastly, Victoria's Secret witnessed a rollercoaster ride in midday trading, initially opening with a 0.4% drop but ultimately closing nearly 2% higher. Morgan Stanley downgraded the intimate apparel maker to underweight, citing expectations for negative earnings per share revisions. The Wall Street bank also trimmed its price target for the company.

These market updates were contributed by CNBC's Alex Harring, Jesse Pound, Samantha Subin, Hakyung Kim, and Sarah Min.