Midday movers: Best Buy, Dollar Tree, Zoom Video and more
- Wall Street mixed; Dow pressured by selloff in Salesforce shares
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- Salesforce (CRM) drops after soft results, MS sees attractive valuation
- Snowflake (SNOW) falls as macro headwinds drag on guidance, analysts remain upbeat
- Piper Sandler says Apple (AAPL) likely lost 9M iPhone 14 units, cuts revenue estimates
By Liz Moyer
Investing.com -- Stocks were rising on Tuesday as investors awaited the release of the Federal Reserve's minutes of its last meeting tomorrow afternoon. Here are the midday movers for Nov. 22:
Best Buy Co Inc (NYSE: BBY) shares rose 11.8% after the electronics retailer beat expectations for the recent quarter. Same store sales fell 10.4% but that was better than the forecasts of analysts.
Dollar Tree Inc (NASDAQ: DLTR) shares fell 8.8% after the discount retailer cited cost pressures from freight and inflation that will weigh on its results. Its revised forecast for 2022 sees annual per-share profit at the lower end of an earlier forecast for $7.10 to $7.40.
Zoom Video Communications Inc (NASDAQ: ZM) shares fell 4% after the internet-based video communications platform beat expectations for the recent quarter but provided a weaker outlook for the fourth quarter as the former pandemic darling tries to adjust to a new post-Covid environment.
Medtronic PLC (NYSE: MDT) stock fell 6% after the medical device maker lowered its earnings outlook for the year. The return of surgeries has been slower than expected, and supply recovery was below its projections, it said.
Abercrombie&Fitch Company (NYSE: ANF) stock rose 19% after the apparel retailer posted a surprise 1 cent per share profit for the quarter, where Wall Street had expected a loss of 14 cents. Off-price retailer Burlington Stores Inc (NYSE: BURL) shares rose 18% after it maintained guidance despite falling short of expectations in the recent quarter. It expects fourth quarter adjusted margin to be flat to slightly positive compared with last year. American Eagle Outfitters Inc (NYSE: AEO) stock jumped 17% after it beat expectations and said fourth quarter inventory will be down from last year.
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