View of a Best Buy retail store on August 29, 2019 in San Bruno, California.
Justin Sullivan | Getty Images
Find out which companies are in the midday headlines on Tuesday:
Occidental Petroleum, APA Corp – Energy stocks rose after the White House announced that the United States would release 50 million barrels of crude from the strategic oil reserve. This decision is a coordinated release between several countries, including China and Japan. Occidental Petroleum and APA Corp gained more than 6% each.
Dollar Tree – Shares of the discount retailer rose 5.5% after the company released its latest quarterly results. Dollar Tree also said its freight costs for the quarter were much higher than expected, but still reported higher revenue.
Best Buy – The electronics retailer saw its shares fall more than 16% after providing comparable sales forecasts for the holiday that were significantly lower than Wall Street analysts amid weakening demand and of shipping bottlenecks. This weighed on investors despite Best Buy reporting a quarterly drop in both upper and lower results.
Western Digital, Micron – Tech stocks rose after Mizuho upgrades. The research company said Western Digital and Micron are expected to benefit from improved demand for chips.
Best Buy – Best Buy shares fell more than 14% amid concerns over the impact of rising shipping costs on the company’s sales during the holiday season. These concerns overshadowed better-than-expected quarterly earnings.
Zoom Video – Zoom Video shares fell more than 21% in midday trading after the video chat company warned investors of slowing revenue growth. This prompted several Wall Street companies to lower stock price targets. BTIG lowered its price target to $ 400 per share, from $ 460 per share. Deutsche Bank Research also lowered its 12-month target to $ 280 per share from $ 350 per share.
Urban Outfitters – Shares of Urban Outfitters fell nearly 10% after the retailer’s quarterly financial results showed that a shift to more online sales increases costs for the company.
Dick’s Sporting Goods – Shares of the sporting goods giant fell more than 10% despite a stronger-than-expected quarterly report. The company posted third-quarter earnings above analyst expectations, prompting it to raise its annual forecast. Dick’s stock was in tears this year, rising nearly 150% year-to-date before Tuesday’s sale.
Abercrombie & Fitch – The clothing retailer saw its shares fall more than 15% after the company said its profit margin fell 30 basis points in the previous quarter.
Medtronic – Medtronic shares fell about 3% after the company reported a mixed quarter. Profit at the medical device maker topped Refinitiv’s consensus estimate of 3 cents a share, but revenue was lower than Street’s forecast. Medtronic also lowered its outlook for the full year, citing the resurgence of Covid-19 and healthcare staffing issues.
JM Smucker – Shares of the food producer rose more than 4% after the company reported quarterly earnings of $ 2.43 per share, beating Refinitiv’s consensus estimate of $ 2.05 per share. Revenue also exceeded expectations and Smucker raised his guidance for the full year.
American Eagle Outfitters – The clothing chain saw its shares jump more than 4% after beating the streets in its quarterly earnings report. American Eagle posted adjusted earnings of 76 cents per share against the StreetAccount consensus of 61 cents per share. The turnover is also higher than expected.
Burlington Stores – Burlington shares gained nearly 9% after the low-cost retailer reported better-than-expected earnings. The company posted earnings of $ 1.36 per share on revenue of $ 2.3 billion, versus Refinitiv’s consensus estimate of $ 1.26 per share on revenue of 2, $ 23 billion.
– CNBC’s Yun Li, Tanaya Macheel and Maggie Fitzgerald contributed reporting.