Check out the companies making headlines in midday trading.
Tesla – The electric vehicle stock rose more than 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 2.5% 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 3% 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% 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%. 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 more than 6%, APA shed 3.6% and Coterra lost 3.5%. Those three names were among the biggest losers in the S&P 500 in midday trading.
Maxeon — Shares slid 8% 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 1.5%. The stock has dropped the last three days, touching a fresh 52-week low on Wednesday.
IDEAYA Biosciences — IDEAYA added nearly 5% 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 more than 200% 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