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Midday movers: VF Corp., Silvergate, MGM Resorts and more

December 5, 2022 1:50 PM EST

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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