Stock Market

Stocks making the biggest moves midday: Carnival, Dell, AMC Entertainment and more

Dell CEO Michael Dell delivers a keynote address during the 2013 Oracle Open World conference on September 25, 2013 in San Francisco, California.
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Check out the companies making headlines in midday trading.

Carnival, Norwegian Cruise Line, Royal Caribbean — Shares of the major U.S. cruise lines jumped on Wednesday amid optimism about a swift economic recovery from the pandemic. Shares of Carnival gained about 3%. Norwegian Cruise Line and Royal Caribbean gained 2.3% and 1.3%, respectively.

AMC Entertainment —Shares of the movie theater stock dropped more than 2% after Loop reiterated its sell rating on AMC Entertainment. The Wall Street firm said “AMC’s competitive position…has not improved, its enterprise value has almost doubled while its closest competitor’s value has declined.”

Dell – Shares of the computer company advanced 2.6% after Deutsche Bank called the stock a top recovery idea. “We believe its shares will continue to outperform as IT spending recovers as we go through this calendar year,” the firm wrote in a note to clients. Shares of Dell are up 25% for the year. 

Li Auto — Shares of the China-based electric vehicle maker dropped more than 9% after the company announced a new $750 million debt offering to fund research and development. The stock has fallen 20% this year.

Genworth Financial – Shares of the insurance company slid 4.7% after Genworth terminated its deal to be acquired by China Oceanwide Holdings. “Genworth’s Board of Directors has concluded that Oceanwide will be unable to close the proposed transaction within a reasonable time frame and that greater clarity about Genworth’s future is needed now in order for the Company to execute its plans to maximize shareholder value,” the company said in a statement. The merger was first proposed in 2016.

Qiagen — The biotech stock rose more than 1% after Qiagen announced a new product to help sequence the genomes of the Covid-19 virus more quickly. Sequencing the genomes can help scientists detect new variants of the virus. The Netherlands-based company said its new testing kit could analyze more than 6,000 samples at the same time.

Ebang International Holdings — Shares of the Chinese blockchain company fell 2.3% on Wednesday even as Ebang pushed back against a short-seller report from Hindenburg Research. The company said the report, released on Tuesday, contained “many errors, unsupported speculations and inaccurate interpretations of events.”

Niu Technologies – Shares of Niu dipped nearly 5% despite unveiling its first electric kick-scooter. The China-based company planning to make the two-wheeled transportation device available in North America, China and Europe this summer.

— with reporting from CNBC’s Yun Li, Pippa Stevens and Jesse Pound.