Midday Market Movers: Tesla, Southwest, Apple, AMC and Beyond

Tesla's 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 fell by 2.5% as it continued to operate on a reduced schedule. On Wednesday, the airline canceled 60% of its flights, while its rivals capped fares in an attempt to help stranded travelers.

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. Aron’s move came as the company faces mounting financial pressure amid the coronavirus pandemic.

Generac shares rose 5% after Janney Montgomery Scott initiated coverage with a buy rating. The firm set a price target of $160, which implies an upside of 75.5% from where the stock closed on Tuesday.

Nio's shares fell by 2% today, building on Tuesday's 8% drop. The company announced production cuts for the fourth quarter due to Covid outbreaks, which caused investors to sell off the stock.

A number of energy companies saw their stock prices fall along with the price of oil and natural gas. EQT was down more than 6%, APA shed 3.6% and Coterra lost 3.5%. These three names were among the biggest losers in the S&P 500 in midday trading.

Maxeon shares slid 8% after the company announced Bill Mulligan would be the new CEO. Mulligan previously served as chief operating officer at Sila Nanotechnologies.

Apple shares fell 1.5% today, extending a three-day losing streak that has taken the stock to a new 52-week low.

IDEAYA Biosciences stock rose nearly 5% after Capital One Securities initiated coverage with an overweight rating and a $29 price target. This represents upside potential of 75.4% from Tuesday's closing price.

Kala Pharmaceuticals surged more than 200% after the FDA accepted an investigational new drug application for its potential treatment for persistent corneal epithelial defect. This biopharmaceutical company is now one step closer to bringing this potential treatment to market.