Stocks making the biggest moves midday: SoFi, Procter & Gamble, U.S. Bancorp and more

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Check out the companies making headlines in midday trading.

SoFi – Shares of the mobile financial services company surged more than 16% after the company won long-sought regulatory approval to become a bank holding company. SoFi will acquire California community lender Golden Pacific Bancorp, a deal announced last year, and operate its bank subsidiary as SoFi bank.

UnitedHealth Group – UnitedHealth shares rose 1.4% after the health insurer's fourth-quarter report beat earnings expectations. The company reported an adjusted profit of $4.48 per share, 17 cents above the Refinitiv consensus estimate. UnitedHealth's revenue also topped forecasts.

Morgan Stanley — The bank stock climbed about 2.1% after the firm posted better-than-expected fourth-quarter profits on strong equities trading revenue. Unlike its rivals, which disclosed soaring compensation costs for Wall Street personnel in the quarter, Morgan Stanley kept a lid on expenses.

Procter & Gamble – Shares of the consumer goods company rose about 4.3% after it reported earnings topping Wall Street estimates. The company posted earnings of $1.66 per share, 1 cent higher than the Refinitiv consensus estimate. P&G also beat revenue expectations and raised its 2022 forecast.

US Bancorp — Shares of U.S. Bancorp fell 6.9% after a weaker-than-expected fourth-quarter earnings report. The company posted profit below the consensus expectation from analysts surveyed by Refinitiv. Net interest income also came in lower than the StreetAccount estimate.

State Street — Shares of the asset manager fell more than 5% despite State Street reporting better-than-expected results for the fourth quarter on the top and bottom lines. However, the company's revenue from