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Midday movers: MGM Resorts, Tapestry, Mattel and more

Investing.com
·1-min read

By Liz Moyer

Investing.com -- Stocks reversed earlier gains on Thursday after strong earnings reports from Walt Disney (NYSE:DIS) and other large companies. Here are the midday movers for Feb. 9.

MGM Resorts International (NYSE:MGM) shares rose 8% after the resort and casino operator beat expectations from the recent quarter, citing positive momentum especially in the Chinese gambling mecca of Macau after the government removed COVID-related restrictions on travel. Tapestry Inc (NYSE:TPR) shares rose 5.3% after the luxury fashion house, home to Coach and Kate Spade brands, reported better than expected results for the holiday quarter and provided upbeat guidance.

Mattel Inc (NASDAQ:MAT) shares fell 10% after the toymaker reported results that missed expectations for the fourth quarter and said it expected sales to continue to shrink in the first half of this year as retailers work through inventory.

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Affirm Holdings Inc (NASDAQ:AFRM) stock fell 18% a day after the buy now pay later fintech announced it would cut 19% of its workforce amid a more challenging economic environment. Sales and revenue fell short of forecasts, and its near-term outlook is also below expectations.

International Flavors&Fragrances Inc (NYSE:IFF) shares fell 17% after it said revenue fell 6%, below expectations. The company supplies to the food and beverage, personal care, fragrance and health industries.

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