Midday movers: Tesla, Meta Platforms, AMC Entertainment and more

By Liz Moyer

Investing.com -- Stocks sank on Wednesday as the outcome of the midterm elections remained in doubt, though the House could tip in favor of Republican control. Here are the midday movers for Nov. 9:

• Tesla Inc (NASDAQ:TSLA) stock fell 5.8% after CEO Elon Musk disclosed the sale of another $3.95 billion of the electric vehicle maker's shares since he finalized his purchase of the social media platform Twitter.

• Meta Platforms Inc (NASDAQ:META )stock rose 6% after the Facebook parent revealed plans to cut 13% of its workforce, or 11,000 jobs, amid a slowdown in digital advertising and a big effort to grow its metaverse business.

• AMC Entertainment Holdings Inc (NYSE:AMC) shares fell 8.9% after the movie theater operator reported better than expected results, though it still posted a loss for the quarter. Weakness in box office sales industrywide is challenging the theater business as it tries to recover from the pandemic shutdowns.

• Redfin Corp (NASDAQ:RDFN) shares fell 15.9% after the real estate company said it was cutting 13% of its workers and shutting down its home flipping operation, citing challenges because of the sharp slowdown in the housing market. 

• The Wendy’s Co (NASDAQ:WEN) stock rose 3.7% after the hamburger chain beat expectations on profit and said same store sales rose 6.9%, more than twice what it reported last year. It slightly missed on revenue expectations.