Midday Movers: AOL, US Steel, Tata Motors and more

Traders work the floor of the New York Stock Exchange.
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Traders work the floor of the New York Stock Exchange.

Take a look at some of Wednesday's midday movers:

AOL moved higher on its plan to raise $300 million via convertible bonds, amid speculation the online media conglomerate is planning a big acquisition. AOL's CEO, Tim Armstrong, told CNBC the company is looking for assets but nothing is imminent.

Myriad Genetics moved lower after the molecular diagnostics company forecast lower-than-expected full-year profit, pressured in part by the termination of its contract with health insurance provider Horizon Blue Cross.

Canadian Solar gained ground after reversing a year-ago loss as the solar panel company sold more units at higher prices. In addition, the company said it expects shipments to rise further in the current quarter. Rivals First Solar and SunPower rose in sympathy.

Department stores including Kohl's, Nordstrom, JC Penney, Sears and Dillard's all fell in part on Macy's big earnings miss.

U.S. Steel advanced after Nomura said the company can generate additional earnings of up to $400 million over the next several years.

Tata Motors rose despite announcing a recall of 40,000 Land Rover SUVs in the U.S. due to an air bag issue.

Rigel Pharmaceuticals moved lower after it said its experimental drug failed to meet the main goal in a midstage study in patients with dry eye disease.

FleetCor moved higher after the payments products company said it would acquire Comdata in a $3.45 billion deal that would expand its business as a provider of business-to-business payment tools.

—By CNBC's Rich Fisherman