Stocks making the biggest moves midday: Tesla, Southwest, Apple, AMC and more

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A sign hangs in front of an AMC theater on January 27, 2021 in Chicago, Illinois. Shares of AMC Entertainment more than quadrupled today as investors continue their buying spree on heavily shorted stocks.
Scott Olson | Getty Images

Check out the companies making headlines in midday trading.

Tesla – The electric vehicle stock rose 3.3% after selling off during ten of the last 11 trading sessions. Baird also trimmed its price target on shares to $252 from $316 a share.

Southwest Airlines – Shares of the airline dropped 5.2% as it continues to run a reduced schedule. Southwest canceled 60% of its flights scheduled for Wednesday, while rival airlines capped fares in an attempt to help stranded travelers.

AMC Entertainment – AMC Entertainment shares dipped about 4.7% a day after CEO Adam Aron tweeted that he asked the company’s board to freeze his 2023 pay and urged other executives to forgo salary bumps.

Generac — The equipment maker gained 5.6% following Janney Montgomery Scott’s initiation at buy. The firm gave the stock a price target of $160, which implies an upside of 75.5% from where it closed Tuesday.

Nio — Shares of the electric car maker dropped 2.6%. It builds on Tuesday’s 8% slide, which came after it announced production cuts for the fourth quarter due to Covid outbreaks.

Energy stocks – A slate of energy companies slipped alongside falling prices for oil and natural gas. EQT dropped 7.8%, APA shed 5.2% and Coterra lost 4.7%. Those three names were among the biggest losers in the S&P 500 in midday trading.

Maxeon — Shares slid 9.3% after the solar company announced Bill Mulligan would be the new CEO. He previously was a chief operating officer at Sila Nanotechnologies.

Apple — Shares of the technology giant slid 3.1%. The stock has dropped the last three days, touching a fresh 52-week low on Wednesday.

IDEAYA Biosciences — IDEAYA added 5.7% following an initiation at overweight from Capital One Securities. The firm gave the stock a price target of $29, which presents an upside of 75.4% over where it closed Tuesday.

Kala Pharmaceuticals — The biopharmaceutical company surged 218.4% following the Food and Drug Administration’s acceptance of an investigational new drug application for its potential treatment for persistent corneal epithelial defect.

— CNBC’s Samantha Subin, Tanaya Macheel and Sarah Min contributed reporting

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