A salesman carries a Best Buy shopping cart in San Francisco, California.
Check out the companies making headlines in afternoon trading.
American Airlines, United Airlines, Carnival – Airlines and cruise stocks rose on Tuesday as stocks tied to an economic recovery continued to rise following a series of positive vaccine announcements. Shares of both American and United jumped more than 9%, while Carnival gained 11.3% for Cruise shares.
Tesla – Electric vehicle company shares jumped 6.4% to a record high as investors continued to favor the stock. The move pushed Tesla’s market cap above $ 500 billion for the first time on record. The shares have gained more than 550% this year.
Best Buy – Shares of Best Buy fell 7% after the alarm sounded on the headlines from retailer high shipping costs, inventory challenges and low-margin holiday sales. Best Buy also declined to provide guidance for the fourth quarter due to uncertainties from the epidemic. The company expected better earnings in the third quarter amid strong online sales.
Dollar Tree – Discount retailer shares jumped 14.1% behind quarterly results, outpacing analyst results. Dollar Tree reported third-quarter earnings of $ 1.39 per share on revenue of $ 6.18. Analysts provided by FactSet expected a profit of $ 1.15 per share on revenue of $ 6.13 billion. Same-store sales for the company grew by 5.1% on a year-over-year basis, topping the forecast with 4.7%.
Hormal Foods – Food Company shares lost 5.6% after missing their quarterly results at the top and bottom lines. Hormel reported earnings of 43 cents per share on revenue of $ 2.42 billion. Analysts expected earnings of 44 cents on revenue of $ 2.59 billion, according to Refinitive.
Abercrombie & Fitch – Abercrombie shares fell 1.2% after the company announced early exits from four European key locations. The company said the move was from “large-format, tourist-dependent key locations to small, omni-capable stores that cater to local customers.”
Ambrella – In its third quarter report, Ambarella boosted Semiconductor stock by 15.3%, beating Wall Street expectations. The company reported 9 cents in adjusted earnings per share and $ 56.1 million in revenue. Analysts polled by FactSet were looking for 5 cents per share and $ 54.1 million in revenue. Fourth quarter guidance was also above expectations.
Medtronic – Medtronic shares popped up 2.8% after their better-than-expected earnings. According to Refinitive, the medical technology company reported earnings of $ 802 per share, with an estimate of 80 cents per share. Revenue came in at $ 7.65 billion, exceeding the forecast by $ 7.1 billion.
Urban Outfitters – Urban Outfitters shares fell 4.8% despite quarterly results exceeding analysts’ expectations. According to Refinitive, the apparel retailer earned 78 percent of earnings per share, beating the 45 percent consensus estimate. Its revenue also came in the above forecasts.
– With reporting from Pippa Stevens, Yun Li and Jessie Pound.