"Midday Market Movers: AMC, X, PYPL, TSLA, and More"

AMC Entertainment's stock plunged nearly 35% after a judge approved the company's plan to convert preferred shares to common stock, while its preferred units surged 17%. PayPal stock rose 2% as the company announced a new CEO. U.S. Steel climbed almost 32% after rejecting a buyout offer and expressing openness to other offers. Tesla shares slipped 2% following a price reduction on some models in China. Hawaiian Electric's stock plummeted over 33% due to concerns about wildfires in Maui. Nikola's stock dropped 9% after announcing a recall of 209 electric trucks, but the company stated that it wouldn't affect its hydrogen fuel cell trucks.