In this article A view of a Best Buy retail store on August 29, 2019 in San Bruno, in California.Justin Sullivan | Images
Check out the companies making the headlines in Tuesday noon trading:
Occidental "Petroleum, APA Corp - Energy stocks rose after the White House announced the US " will release 50 million barrels of crude from the strategic oil reserve. This decision is a coordinated release between several countries, including China and Japan. APA Corp gained 7.3% and Occidental Petroleum rose 6.4%.
Dollar "Tree - Shares of the discount retailer rose 9.2% after the company released its latest quarterly results. Dollar Tree also said its fees freight costs for the quarter were much higher than expected, but still posted higher revenue.
Best " buy - Electronics retailer saw shares drop 12.3% after providing sales forecast comparable for the holidays which were significantly " lower than Wall Street analysts amid weakening demand and shipping bottlenecks. This weighed on investors despite Best Buy reporting quarterly earnings decline.
Western "Digital , Micron - Tech stocks gained 6.3% and 1.9%, respectively, after upgrades "from Mizuho . The research firm said Western Digital and Micron are expected to benefit from improved demand for chips.
Best " Buy - Best Buy shares fell 12.3% amid concerns about the impact of the rise ins shipping costs on company sales during the holiday season. These concerns eclipsed the better than expected quarterly income .
Zoom "Video - Zoom Video shares fell 14.7% at midday after the video chat company warned investors of a slowdown in income growth . This led several Wall Street companies to reduce "price targets of the share. 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 9.3% after t The retailer's quarterly financial results showed a move towards more online sales increasing costs for the business.
Dick Sporting Goods - Shares of the sporting goods giant fell 4.1% despite a stronger-than-expected quarterly report. The company has published third quarter results which exceeded analysts' expectations, prompting it to raise its annual forecast. Dick's shares were in tears this year, rising nearly 150% since the start of the year before Tuesday's sell-off.
Abercrombie "& Fitch - Clothing retailer saw shares drop by 12.6% after the company said its profit margin fell 30 basis points in the previous quarter.
Medtronic - Medtronic shares fell 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 earnings fell short of Street's forecast. Medtronic also lowered its outlook for the full year, citing the resurgence of Covid-19 and challenges for healthcare workers.
JM Smucker - Food producer shares rose 5.7% after company reported profit quarterly of $ 2.43 per share, beating Refinitiv's consensus estimate of $ 2.05 per share.forecast and Smucker raised his forecast for the entire year.
American "Eagle Outfitters - The clothing chain saw its shares jump 4.8% 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. Income was also higher than expected.
Burlington " Stores - Burlington shares gained 8.6% 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, compared to the Refinitiv consensus estimate of $ 1.26 per share on revenue of 2 , $ 23 billion.
- Yun Li, Tanaya Macheel and Maggie CNBC's Fitzgerald contributed reporting.