Check out the companies making the biggest moves midday:

First Solar — Shares soared 22% after the solar company announced it is acquiring Evolar AB for up to $80 million. First Solar said the acquisition of the European company, which develops thin film used in solar panels, should accelerate its development of next-generation photovoltaic technology.

News Corp — The media company’s stock popped 6% after News Corp reported an earnings and revenue beat for its fiscal third quarter after the bell Thursday, according to FactSet. The company also said it expects to save an annualized $160 million by the end of 2023 through its previously announced job cuts.

Icahn Enterprises — Carl Icahn’s holding company rebounded 4%, cutting this week’s losses to 12%. The stock has been on a wild ride after notable short seller Hindenburg Research took a short position, alleging “inflated” asset valuations and other reasons. Separately, Icahn Enterprises said its board approved a $500 million buyback authorization. The company also recently declared a $2 per share quarterly dividend.

JD.com — The Chinese e-commerce company’s U.S.-listed shares slid 5.6%, a day after gaining 7.2% on an earnings beat. JD.com also announced Thursday CEO Xu Lei will step down in June for “personal reasons” and will be replaced by CFO Sandy Ran Xu.

Charles Schwab — Shares of the brokerage firm rose more than 2% on Friday after the company reported that total client assets rose 1% in April. CFO Peter Crawford said in a press release that cash sorting activity by customers has continued to decline in May.

Twilio — Shares dropped nearly 5%. The move added to the decline that began after the communications software developer on late Tuesday forecasted earnings for the second quarter that missed analysts’ estimates. On Friday, Mizuho downgraded the stock to neutral from buy, saying it sees too many near-term challenges for Twilio.

Robinhood — The stock shed 7.7%. It’s a reversal from Thursday’s 6.4% gain, which came a day after Robinhood posted a first-quarter earnings and revenue beat. On Friday, Morgan Stanley said Robinhood’s new 24-hour trading, announced Wednesday, won’t provide any material lift for the company’s financials.

Fox — Shares dipped nearly 1% following a downgrade of the media company by Wells Fargo to equal weight from overweight. The Wall Street firm cited demand challenges for linear TV and the costs for sports rights. Fox reported a net loss for its fiscal third quarter on Tuesday due to the costs associated with Fox News’ settlement with Dominion Voting Systems.

Gen Digital — Gen Digital slid 8% following its fiscal fourth-quarter earnings report, which came after Thursday’s close. The cybersecurity firm posted adjusted earnings that beat analysts estimates, per FactSet. However, its bookings of $1.02 billion for the quarter came in lighter than the $1.06 billion expected.

—CNBC’s Yun Li, Jesse Pound, Michael Bloom and Sarah Min contributed reporting.

Federal Reserve Governor Philip Jefferson will be nominated by President Joe Biden to be vice chairman of the central bank’s board, the White House announced Friday.

Though one of the newest members of the Board of Governors, Jefferson would take over a key policymaking position at a time when the Fed is trying to tamp down inflation without causing a harmful recession.

Biden also said he will nominate Adriana Kugler for a vacant governor’s seat and Lisa Cook for another term as governor. Kugler is currently the U.S. representative to the World Bank and would be the first Latina on the board, while Cook has been on the board since May 2022.

“These nominees understand that this job is not a partisan one, but one that plays a critical role in pursuing maximum employment, maintaining price stability, and supervising many of our nation’s financial institutions,” Biden said in a statement. “I am confident these nominees will help build upon the historically strong economic recovery we have had under my Administration.”

The moves, which will need Senate confirmation, come as the Fed also is navigating its way through a banking crisis that has seen multiple regional institutions shuttered over the past two months.

The Senate confirmed Jefferson to the board in May 2022, four months after he was nominated by President Joe Biden.

Since taking his seat, Jefferson has been relatively quiet on the policy front. In recent remarks, he argued against raising the Fed’s 2% inflation target and said he wasn’t especially worried about the pace at which the economy is slowing. He has voted for each of the interest rate increases approved since he took his seat.

As vice chair, he takes a position last occupied by Lael Brainard, who is now Biden’s director of the National Economic Council. Known as one of the more progressive members of the board, Brainard argued against loosening regulations for regional banks and had been an advocate for the study of whether the Fed should adopt a central bank digital currency.

Before coming to the Fed, Jefferson was a professor of economics as well as vice president for academic affairs and dean of faculty at Davidson College. He also has worked as a professor at Columbia University and Swarthmore College as well as a research economist for the Fed.

The nomination was not unexpected; multiple media outlets had reported that Jefferson was Biden’s likely choice as vice chair.

If confirmed, Jefferson would be the second Black person to hold the vice chair position. Cook is the first Black woman to serve on the board.

Senate Banking Committee Chairman Sherrod Brown applauded the nominations.

The nominees “reflect the vibrant diversity of our country, and the people who make it work,” Brown said in a statement.

—With reporting by Kayla Tausche