Check out the companies making headlines in midday trading.
Ford Motor, General Motors — Shares of Ford and GM fell 7% and 5% respectively after UBS downgraded both stocks. The firm lowered Ford to a sell rating from neutral and cut GM to a neutral from a buy. The auto industry is moving toward vehicle oversupply following three years of unprecedented pricing power, UBS said.
Casino stocks — Shares of hotel and casino companies were the top decliners in the S&P 500, with Wynn Resorts
down 11.6% and Las Vegas Sands losing 8.5%. MGM Resorts dipped by 3.5%. The moves came as Chinese cities reimposed Covid lockdowns thanks to a spike in daily cases over a weeklong holiday.
Kraft Heinz — The foodmaker’s shares rose 2% after Goldman Sachs upgraded them to buy from neutral, noting that higher profit margins haven’t been fully priced into the stock. Other food and beverage stocks got a lift too, including J.M. Smucker and Conagra Brands, which added 2%. Campbell Soup rose 1.5%.
Rivian Automotive — Shares of the EV startup dropped nearly 10% after the company said it will recall nearly all of its vehicles due to a possible issue of a loose fastener that could make a driver lose steering control.