A pedestrian stands outside the Abercrombie & Fitch store on Fifth Avenue in New York City.
Craig Warga | bloomberg | Getty Images
Check out which companies are making headlines in the midday trading.
Abercrombie & Fitch – Retail market shares jumped 19% after the apparel retailer beat Wall Street’s third-quarter revenue forecasts and posted a quarterly profit unexpectedly. The company said demand for clothing has soared as consumers return to work and social obligations increase.
Disney The entertainment giant fell 2.8% as investors continued to respond to the dramatic ouster of its CEO. Deutsche Bank reiterated the share purchase and said it did not see any meaningful changes coming in its direct-to-consumer strategy.
Video zoom Shares of the video conferencing company fell more than 4% after the company issued weaker-than-expected revenue guidance for the full fiscal year. Zoom’s quarterly earnings beat estimates, while revenue met expectations.
best buy Shares of Best Buy rose 11% after the consumer electronics retailer beat Wall Street estimates and maintained its outlook for the holiday period. Demand remains below its pandemic heights, but Best Buy noted that it is doing well even as inflation weighs on consumers’ pockets.
dollar tree — The discount retailer saw shares fall more than 8% after the company forecast full-year earnings in the lower half of its previous guidance range. The stock fell even after the company beat last quarter’s top and bottom estimates and comparable store sales that were better than expected.
Dick’s Sporting Goods Shares of the sporting goods retailer jumped more than 8% after the company reported better-than-expected quarterly earnings and revenue and an increase in comparable-store sales. Deck also raised its financial forecast for the full year.
Medtronic The medical device maker’s stock fell 6% after missing revenue forecasts while slightly beating earnings per share. The company said it was hurt by a stronger dollar and a smaller-than-expected recovery in measures involving its equipment.
Dale The technology manufacturer added 5% after its report showed it beat estimates for the third quarter but had weaker-than-expected revenue forecasts for the current quarter. The company said consumers would be affected by a slowing economy and inflation.
Coinbase – Shares of the cryptocurrency exchange rose 2% along with the broader markets. Bitcoin turned positive after briefly touching a two-year low. Coinbase’s share price tends to trade in tandem with the price of Bitcoin, in part because it relies heavily on trading revenue. The cryptocurrency market is also shrugging off concerns about the potential damage that will come in the aftermath of the FTX crash. Many crypto stocks were higher at midday Tuesday.
BP Shares of the oil giant rose 4.7% after an upgrade to buy from Citi, which said it has a good valuation and free cash flow return while also potentially being able to differentiate itself from European rivals.
Airbnb Rental rental platform fell 1.3% after downgrading the rating to neutral from Baird’s performance on concerns over tightening consumer spending.
Walgreens Boots Alliance Shares gained 2% after the upgrade to outperform the market by Cowen. The company said the market is paying a lot of attention to Walgreens’ retail business, saying the stock could rise more than 30% as the company transforms its healthcare services business.
Toll Brothers Shares of Toll Brothers rose 1% after JPMorgan upgraded the stock to overweight, saying the homebuilder stock trades at a discount to its peers.
ObsEva Shares of the biotechnology company rose 20% after news that it had sold its rights to ebopiprant, a potential preterm birth treatment, to XOMA. The company took a $15 million advance with potential future payments that could bring in an additional $98 million.
nvidia And the advanced micro devices Technology companies added 3.2% and 2.1%, respectively, after BMO reiterated that both stocks are outperforming and said it could see “huge” stock gains.
Urban Outfitters Shares of Urban Outfitters rose 5.8% after reporting third-quarter earnings Monday that beat Wall Street expectations, although earnings per share were just below estimates. BMO Capital Markets and Telsey Advisory Group boosted their price targets and maintained their Market Outperform and Outperform ratings respectively.
Agilent Shares of the life sciences company rose 7% after it reported exceeding expectations for the fourth quarter as it increased sales of all of its business units.
AgroFresh Solutions The chemical company focused on preventing food loss added 5.4% after announcing it would merge with Paine Schwartz Partners. All of AgroFresh’s outstanding stock will be acquired for $3 a share, which is 7.5% higher than it closed Monday.
– CNBC’s Samantha Sobin, Yoon Lee, Tanaya Machell, and Michelle Fox Contribute to the preparation of reports.