Today Market News


Abercrombie & Fitch, Disney, Best Buy, Zoom and more

A pedestrian stands outside of the Abercrombie & Fitch store on Fifth Avenue in New York City.

Craig Warga | Bloomberg | Getty Images

Check out the companies making headlines in midday trading.

Abercrombie & Fitch – Shares of the retail stock jumped 19% after the apparel retailer beat Wall Street’s revenue forecasts for the third quarter and posted unexpected quarterly profit. The company said demand rose for clothing as consumers returned to work and had increasing social obligations.

Disney – The entertainment titan dropped 2.8% as investors continued responding to the dramatic ouster of its CEO. Deutsche Bank reiterated the stock as buy and said it doesn’t see any meaningful changes coming to its direct-to-consumer strategy.

Zoom Video — Shares of the video-conferencing company fell more than 4% after the firm issued weaker-than-expected revenue guidance for its full fiscal year. Zoom’s quarterly earnings topped estimates, while revenue met expectations.

Best Buy – Best Buy’s stock surged 11% after the consumer electronics retailer beat Wall Street’s estimates and maintained its outlook for the holiday period. Demand remains below its pandemic heights, but Best Buy indicated its faring well even as inflation weighs on consumers’ pockets.

Dollar Tree – The discount retailer saw shares slide amore than 8% after the company projected full-year earnings in the lower half of its prior guidance range. The stock slipped even after the company beat top and bottom line estimates for its latest quarter and better-than-expected comparable store sales.

Dick’s Sporting Goods – Shares of the sporting goods retailer jumped more than 8% after the company reported better-than-expected quarterly profit and revenue and an increase in comparable store sales. Dick’s raised its full-year financial forecast as well.

Medtronic – The medical device maker’s stock dropped 6% after it missed on revenue expectations while slightly beating on earnings per share. The company said it was hurt by the surging U.S. dollar and a smaller rebound than expected in procedures that involve its equipment.

Dell – The technology maker added 5% following its report that showed it beat estimates for the third-quarter but had a weaker than expected current quarter revenue forecast. The company said consumers would be pinched by the slowing economy and inflation.

Coinbase – Shares of the cryptocurrency exchange rose 2% with the broader markets. Bitcoin turned positive after briefly touching a two-year low. Coinbase’s stock price tends to trade in tandem with the bitcoin price, partly because of its heavy reliance on trading revenue. The crypto market is also shrugging off fears about the potential damage to come in the wake of the FTX collapse. Several crypto equities were higher midday Tuesday.

BP – Shares of the oil giant gained 4.7% following an upgrade to buy from neutral from Citi, which said it has good valuation and free-cash flow yield while also likely being able to…

Read More: Abercrombie & Fitch, Disney, Best Buy, Zoom and more

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