Biggest Market Movers Midday: Ford, Casino Stocks, Las Vegas Sands, Nvidia, Kraft Heinz and more

Stock market Wall Street
Stock market Wall Street

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

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 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.