Midday movers: VF Corp., Silvergate, MGM Resorts and more
- S&P 500, Nasdaq edge higher on Microsoft boost; Powell comments eyed
- CVS Health (CVS) to buy Oak Street Health (OSH) for $10.5 billion - WSJ
- Biden expected to call for 400% increase in buyback tax
- Pinterest (PINS) erases bulk of after-hours losses after positive earnings call, analysts raise numbers
- Activision Blizzard (ATVI): Call of Duty strength fuel earnings beat
By Liz Moyer
Investing.com -- Stocks were falling after better-than-expected data on the services sector fueled new concern about the Federal Reserve's next move on interest rates. Here are the midday movers for Dec. 5.
VF Corporation (NYSE: VFC) stock fell 11% after the maker of North Face and Timberland apparel revised its outlook lower for the second half of its fiscal year and said it was looking for a new chief executive officer after the departure of six-year CEO Steve Rendle.
Silvergate Capital Corp (NYSE: SI) shares fell more than 7% after Morgan Stanley cut the stock to underweight from equal weight, citing the uncertainty about deposit flows and pressure on margins in the wake of the collapse of FTX.
MGM Resorts International (NYSE: MGM) stock rose 2% after China relaxed some of its rules around Covid-19, which is seen as a boost to travel and leisure stocks. Truist also upgraded the stock to buy from hold, saying it will benefit from a number of high-profile events scheduled to take place in Las Vegas in the coming months.
United Airlines Holdings Inc (NASDAQ: UAL) stock rose 1.2% after Morgan Stanley raised it to overweight from equal weight. Fellow travel stock Delta Air Lines Inc (NYSE: DAL) inched up 0.3% after agreeing on a pay raise for pilots.
Tesla Inc (NASDAQ: TSLA) stock fell 6% even after it refuted reports that it would cut production in its Shanghai China plant. At the same time, Ford Motor Company (NYSE: F) shares were down 2.6% after it struck a deal with logistics company DHL to sell it 2,000 electric vans by the end of next year.
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