Business

Zoom Video, Best Buy, Abercrombie and others

A view of a Best Buy retail store on August 29, 2019 in San Bruno, California.

Justin Sullivan | Getty Images

Check out the companies that made the headlines on Tuesday afternoon:

Occidental Petroleum, APA Corp. – Energy stocks rose after the White House announced that the United States would allocate 50 million barrels of oil from strategic oil reserves. The move is a coordinated release between several countries, including China and Japan. APA Corp shares rose 7.3% and Occidental Petroleum gained 6.4%.

Dollar Tree – The discount retailer was up 9.2% after the company announced its most recent quarterly results. Dollar Tree also said its shipping costs for the quarter were much higher than it had anticipated, but still reported lower revenue levels.

Best Buy – The electronics retailer fell 12.3% after it released a comparable holiday forecast that was well below Wall Street analysts’ forecasts amid weakening demand and supply problems. This put pressure on investors, despite Best Buy reporting quarterly P&L.

Western Digital, Micron – Tech stocks rose 6.3% and 1.9%, respectively, following a rating upgrade from Mizuho. The research company said Western Digital and Micron should benefit from increased demand for the chips.

Best Buy – Best Buy fell 12.3% amid concerns over how rising shipping costs could affect the company’s sales during the holiday season. These concerns overshadowed higher-than-expected quarterly earnings.

Zoom Video – Zoom Video fell 14.7% in daytime trading after the video chat company warned investors of a slowdown in earnings growth. This prompted several Wall Street firms to cut their stock price targets. BTIG lowered its target price 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 – Urban Outfitters tumbled 9.3% after the retailer’s quarterly financials showed that increased online sales were driving up costs.

Dick’s Sporting Goods – Shares in the sporting goods giant fell 4.1% despite a stronger-than-expected quarterly report. The company posted profit for its fiscal third quarter, which beat analysts’ expectations, leading to an increase in its full-year forecast. Dick’s stock is up nearly 150% this year from the start of the year to a selloff on Tuesday.

Abercrombie & Fitch – Shares in the apparel retailer fell 12.6% after the company said its profit fell 30 basis points in the previous quarter.

Medtronic – Medtronic shares fell 3% after the company reported a mixed quarter. The medical device maker’s earnings beat the Refinitiv consensus forecast by 3 cents a share, but revenue was below Street’s forecasts. Medtronic also lowered its annual forecast, citing the resurgence of Covid-19 and health workforce issues.

JM Smucker – Shares in the foodstuffs maker rose 5.7% after the company posted quarterly earnings of $ 2.43 per share, beating the Refinitiv consensus of $ 2.05 per share. Revenue also beat forecasts and Smucker raised its full-year forecast.

American Eagle Outfitters – Clothing chain stock jumped 4.8% after surpassing Street in its quarterly income statement. American Eagle’s adjusted earnings were 76 cents per share versus the StreetAccount consensus of 61 cents per share. Revenue was also above expectations.

Burlington Stores – Burlington gained 8.6% after a discount retailer posted better-than-expected earnings. The company earned $ 1.36 a share on $ 2.3 billion in revenue, while the Refinitiv consensus forecast was $ 1.26 a share on $ 2.23 billion in revenue.

– CNBC’s Yoon Lee, Tanaya Mashil and Maggie Fitzgerald provided the coverage.


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