Stocks making the biggest moves midday: Tesla, Southwest, Apple, AMC and more
Check out the companies making headlines in midday trading.
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