Stocks making the biggest moves midday: Etsy, Cinemark, DXC & more

Bed Bath & Beyond, AMC, BlackBerry – Reddit darlings Bed Bath & Beyond and AMC climbed in wild trading.  Shares of the home furnishings retailer soared 46%  after the company announced the release of three new private label scheduled to hit the shelves in the next few months. AMC jumped just shy of 80%, and trading in the name was briefly halted. BlackBerry also leapt nearly 20%.

Etsy — Shares of the e-commerce company are up 6.9% midday after Etsy announced a $1.6 billion deal to buy fashion resale app Depop. The newly acquired business, which is based in London, is popular among younger consumers.

DXC Technology – Shares of the IT services company advanced nearly 5.5% after Wells Fargo upgraded the to an overweight rating. "We see a situation where a discounted valuation presents an attractive risk/reward ratio and the possibility of higher EPS/valuations as the market gains confidence in the turn-around story that is playing out at DXC," the firm wrote in a note to clients. Wells Fargo also lifted its target on the stock to $48, implying 26% upside from Tuesday's closing price.

Cinemark, Imax —  The movie theater stocks dropped more than 2% after Goldman Sachs downgraded them to sell from neutral. The investment firm said in a note to clients that the market appeared to be overestimating how much movie attendance would rebound after the pandemic.

Tesla — Tesla shares fell 3.5% in midday trading on a combination of negative headlines. First, the electric car maker said it is recalling nearly 6,000 vehicles over concerns that their brake caliper bolts might loosen, which could potentially result in a loss of tire pressure. Second, Tesla was reportedly told by the Securities and Exchange Commission that it had failed to properly approve tweets by CEO Elon Musk.

Carnival Corporation — Shares of Carnival jumped roughly 2.8% and touched a new 52-week high today of $31.10. The Centers for Disease Control and Prevention accepted an agreement for Carnival Cruise Line to sail from Port Canaveral, The Houston Chronicle reported Tuesday.

Ambarella — Shares of Ambarella rose, then fell more than 2% midday Wednesday despite reporting better-than-expected quarterly financial results after the bell Tuesday. The semiconductor company reported adjusted earnings of 23 cents per share on revenue of $70.1 million. Analysts expected adjusted earnings of 17 cents per share on revenue of $68.6 million, according to FactSet.

Vimeo — Shares of Vimeo rose 0.2% after Cowen and Jefferies initiated coverage of the stock with ratings of outperform and buy, respectively. Both firms pointed to Vimeo's potential in the enterprise video space.

Hannah Miao, Maggie Fitzgerald, Jesse Pound, Tom Franck and Pippa Stevens contributed reporting

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