Market Updates
Movers: Activision Blizzard, Alibaba, Melco, SAIC, Tesla, VF Corp, Wynn
Scott Peters
05 Dec, 2022
New York City
Tesla Inc dropped 5.7% to $183.11 on the reports that the company is looking to cut Model Y production by more than 20% in its Shanghai factory this month. The news was first reported by Bloomberg.
China-linked stocks opened higher but gave up early gains on the hopes that China's relaxation of Zero-covid policy may revive travel and business activities.
Alibaba soared 9% and Baidu gained 4.5%.
China-based casino operators soared and Melco Resorts & Entertainment and Wynn Macau soared between 5% and 13%.
Marriott International declined 1.4% to $163.28 after the company announced its plan to sell $500million convertible senior notes due in 2027 in a private offering.
VF Corp declined 10.4% to $29.77 after the company said its chief executive plans to retire. Steve Rendle retired immediately from the positions of Chairman, President and Chief Executive Officer.
The apparel maker also lowered its sales growth outlook to between 3% and 4% in the second-half from the previous estimate of between 5% and 6% increase.
The company blamed the weakness on a higher-than-expected promotional environment in the U.S. and ongoing weakness in China and higher inflation impacting retail sales in Europe.
Activision Blizzard gained 0.9% to $76.44 on the news that Microsoft is ready to defend its $69 billion acquisition of the company against the U.S. antitrust ruling.
Science Applications International Corp increased 4.4% to $114.55 after the company reported quarterly results ahead of market expectations and the company lifted its estimate of sales and earnings for the full-year.
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