Stock Groups

Zoom Video, Best Buy, Abercrombie and more


View of the Best Buy store in San Bruno on August 29, 2019, California.

Justin Sullivan | Getty Images

See which companies are making the headlines during midday trading on Tusday

Occidental Petroleum, APA Corp — Energy stocks gained after the White House announced the U.S. will release 50 million barrels of crudeFrom the Strategic Petroleum Reserve. This is a joint release by several countries including Japan and China. APA Corp and Occidental Petroleum gained more than 6%.

Dollar Tree — Shares of the discount retailer added 5.5% after the company reported its latest quarterly results. Dollar Tree said that it had to pay freight charges for its quarter, which was more than anticipated. However, it reported revenue growth.

Best Buy — The electronics retailer saw its shares plummet more than 16% after delivering a holiday comparable sales forecast that was largely below those of Wall Street analysts amid weakening demand and shipping bottlenecks. Investors were affected by this despite Best Buy’s quarterly top and bottom line beats.

Western Digital, Micron — The tech stocks gained after upgrades from Mizuho. Research firm Micron and Western Digital are expected to benefit from the increased chip demand.

Best Buy — Shares of Best Buy tumbled more than 14% amid worries over how rising shipping costs could impact the company’s holiday season sales. Those concerns overshadowed better-than-expected quarterly earnings.

Zoom Video — Shares of Zoom Video tanked more than 21% in midday trading after the video-chat company warned investors of a revenue growth slowdown. This caused many Wall Street businesses to cut price targets on the stock.BTIG has lowered its target price to $400 per share, from $460 per shares. Deutsche Bank Research also reduced its 12-month target from $350 to $280 per shared.

Urban Outfitters — Urban Outfitters shares sunk nearly 10% after the retailer’s quarterly financial results showed a shift to more online sales increases costs for the company.

Dick’s Sporting Goods — Shares of the sporting goods giant dropped more than 10% despite a stronger-than-expected quarter report.  It posted fiscal third-quarter earningsThis exceeded analysts’ expectations and led to the company increasing its annual forecast. Dick’s stock has been on a roll this year. It had increased nearly 150% over the previous year prior to Tuesday’s collapse.

Abercrombie & Fitch — The apparel retailer saw its shares drop more than 15% after the company said its profit margin dropped by 30 basis points in the previous quarter.

Medtronic — Medtronic shares retreated about 3% after the company reported a mixed quarter. Refinitiv estimates that Medtronic’s profit beat by 3 cents per shared, while revenue was below Street expectations. Medtronic also decreased its outlook for the full year, citing Covid-19’s revival and challenges in health care staffing.

J.M. Smucker — The food producer’s shares rose more than 4% after the company reported quarterly earnings of $2.43 per share, beating the Refinitiv consensus estimate of $2.05 a share. Smucker increased its full-year outlook and revenue also exceeded expectations.

American Eagle Outfitters — The apparel chain saw its shares jump more than 4% after beating the Street in its quarterly earnings report. American Eagle earned 76c per share in adjusted profits, against the StreetAccount consensus at 61c per share. The revenue came in at a higher level than we expected.

Burlington Stores — Shares of Burlington gained nearly 9% after the off-price retailer reported better-than-expected earnings. Refinitiv estimates that the company will earn $1.36 per share from $2.3 billion in revenue, while earnings were $1.36 on revenues of $2.23 trillion.

— CNBC’s Yun Li, Tanaya Macheel and Maggie Fitzgerald contributed reporting.