A seller carries a Best Buy shopping basket in San Francisco, California.
Check out the companies that are making headlines in midday trading.
American Airlines, United Airlines, Carnival – Airline and cruise stocks rose sharply on Tuesday as recovery-linked stocks continued to rise after a string of positive vaccine announcements. American and United stocks both rose more than 9%, while Carnival led the way in cruise stocks, up 11.3%.
Tesla – The electric vehicle maker's shares rose 6.4% to hit a record high as investors continued to favor the stock. With this move, Tesla's market cap rose to over $ 500 billion for the first time in its history. The shares are up more than 550% this year.
Best Buy – Best Buy's shares fell 7% after the retailer raised alarms against headwinds on higher shipping costs, inventory challenges and lower margin vacation sales. Best Buy also declined to issue any fourth-quarter forecasts due to the uncertainties surrounding the pandemic. The company had better-than-expected earnings in strong online sales in the third quarter.
Dollar Tree – The discounter's stocks rose 14.1% on quarterly results that beat analysts' expectations. Dollar Tree posted earnings of $ 1.39 per share on sales of $ 6.18 billion for the third quarter. Analysts surveyed by FactSet expected earnings of $ 1.15 per share on sales of $ 6.13 billion. The company's sales in the same store rose 5.1% year over year, beating the forecast of 4.7%.
Hormel Foods – The food company's shares fell 5.6% after missing the upper and lower end of quarterly results. Hormel posted earnings of 43 cents per share on sales of $ 2.42 billion. According to Refinitiv, analysts expect a profit of 44 cents on sales of 2.59 billion US dollars.
Abercrombie & Fitch – Abercrombie shares fell 1.2% after the company announced an early exit from four of its European flagship locations. The company said the move was part of its plan to "reposition" from larger, tourist-dependent flagship locations to smaller, omni-enabled stores targeting local customers.
Ambarella – Semiconductor stock rose 15.3% after Ambarella beat Wall Street expectations in its third quarter report. The company reported adjusted earnings per share of 9 cents and sales of $ 56.1 million. Analysts polled by FactSet searched for 5 cents per share and $ 54.1 million in revenue. The forecast for the fourth quarter was also above expectations.
Medtronic – Medtronic stocks fell 2.8% after a better than expected result. The medical technology company reported earnings of $ 1.02 per share, beating estimates of 80 cents per share, according to Refinitiv. Revenues were $ 7.65 billion, up from the forecast $ 7.1 billion.
Urban Outfitters – Urban Outfitters 'shares fell 4.8%, despite quarterly results that beat analysts' expectations. According to Refinitiv, the clothing retailer reported quarterly earnings of 78 cents per share, exceeding the consensus estimate of 45 cents. The revenues were also above the forecasts.
– with reports by Pippa Stevens, Yun Li and Jesse Pound.