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

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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.