This is a general view of the Tesla logo at the Gigafactory near Berlin in Gruenheide. It was placed on August 30, 2022.
Annegret Hilse | Reuters
Take a look at the top midday traders.
Tesla – The electric vehicle giant slid 5.2% after Bloomberg first reported Tesla planned to cut output of its Model Y by more than 20%This month, in Shanghai. China-based maker of electric vehicles XpengIn response, the rate of decline was 5%
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VF Corporation – The company behind brands such as The North Face and Timberland dropped 8.3% after it lowered expectations for revenue and earnings in the second half of the year and announced its CEO was retiring.
Marriott – The vacation property behemoth dropped 3.8% following the announcement of a proposed $500 million private offering for convertible senior notes, which have the option to be turned into company equity, due in 2027.
United Airlines, Delta Airlines – United gained 4% following a Morgan Stanley upgrade to overweight from equal weight on the notion that 2023 could be a “goldilocks” year for the airline. After being named the top pick of Morgan Stanley, Delta gained 2.7%.
Science Applications International – The information technology company gained 4.4%, hitting a 52-week high, after it reported revenue and per-share earnings above expectations. Both full-year forecasts were also revised positively by the company.
Silvergate Capital — Shares dropped more than 5% after Morgan Stanley downgraded the crypto bank to underweight from equal weightAccording to them, there is increased revenue pressure after the FTX fallout.
Signature Bank — The stock declined more than 7% after Morgan Stanley downgraded it to equal weight from overweight. Morgan Stanley anticipates that funding costs will rise “significantly” in the coming quarters as Signature works with customers to keep deposits. For the bank, crypto exposure remains a “key threat”.
MGM Resorts International– After T, the casino business grew by 2%ruist upgraded MGM to buy from holdThe company noted a strong event calendar in Las Vegas over two years. A renewed optimism about China’s Covid relaxation could be a benefit to the company, which could encourage Macau and other casinos hubs to travel.
Starbucks – The coffee chain’s stock shed 1.4% following a downgrade by Deutsche Bank to a hold from a buy rating. According to the bank, the current rise in Starbucks stock prices has made it difficult for the bank to make gains.
Alibaba, Pinduoduo– After China’s economic slowdown, shares of Chinese companies that are listed in the U.S. rose Covid restrictions to accelerate the reopening of the economy. Alibaba climbed 0.5%, and Pinduoduo jumped 2%. Many Chinese stocks pared earlier gainsHowever, this was due to the fact that the wider market sold off amid fears about aggressive monetary tightening.
Clovis Oncology – The biopharmaceutical company focused on cancer agents dropped 12.1% as investors continued responding to a disclosure filed last week showing the company expects to file Chapter 11 bankruptcy in the near future.
— CNBC’s Sarah Min, Yun Li, Jesse Pound and Samantha Subin contributed reporting
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