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

JCPenney came off its highs after CEO Ron Johnson said the company stands by its new pricing strategy.

Hewlett-Packard fell from its highs after hedge fund investor Jim Chanos said he is short the company's stock at the " Delivering Alpha " conference presented by CNBC and Institutional Investor.

Procter & Gamble edged slightly higher after its board said it unanimously supports CEO Bob McDonald and his turnaround plan.

Capitol One fell after agreeing to pay $210 million to settle charges that it pressured credit card customers to buy extra credit card products. The bank also announced it would release its second-quarter earnings after the bell Wednesday, a day earlier than expected.

Tiffany rose after Goldman upgraded the upscale jewelry retailer to "buy" from "neutral," adding the company's long-term brand franchise remains rock solid.

Saks fell after Goldman downgraded the company to "sell" from "neutral," citing the weakening economic environment.

WW Grainger soared after it reported better-than-expected earnings and boosted the low-end of its fiscal year outlook.

Ford and General Motors gained after JPMorgan initiated coverage on both with an "overweight" rating.

Anadarko rose after the announcement that its drilling partner has struck oil in Ghana.

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