Stocks making the biggest moves midday

Stocks making the biggest moves midday

Energy stocks such as Occidental Petroleum and APA Corp rose after the White House announced that the United States would release 50 million barrels of crude from the Strategic Petroleum Reserve. The move is the result of a coordinated release by several countries, including China and Japan. APA Corp increased by 7.3 percent, while Occidental Petroleum increased by 6.4 percent.

Dollar Tree

Following the release of the company’s latest quarterly results, the discount retailer’s shares rose 9.2 percent. Dollar Tree also reported that its freight costs for the quarter were much higher than expected, despite reporting a revenue beat.

Best Buy

The electronics retailer’s stock fell 12.3 percent after issuing a holiday comparable sales forecast significantly lower than Wall Street analysts, owing to weakening demand and shipping bottlenecks. Despite Best Buy reporting a quarterly beat on both the top and bottom lines, this weighed on investors.

Micron, Western Digital

The tech stocks gained 6.3 and 1.9 percent following Mizuho’s upgrades, respectively. According to the research firm, Western Digital and Micron should benefit from increased chip demand.

Urban Outfitters

Shares fell 9.3 percent after the retailer’s quarterly financial results revealed that a shift to more online sales raises costs.

Dick’s Sporting Goods

Despite a better-than-expected quarterly report, shares of the sporting goods behemoth fell 4.1 percent. The company’s fiscal third-quarter earnings exceeded analysts’ expectations, prompting it to raise its annual forecast. Dick’s stock had been on a roll this year, rising nearly 150 percent year to date before the sell-off on Tuesday.

Abercrombie & Fitch

The apparel retailer’s stock, dropped 12.6 percent after reporting a 30 basis point drop in profit margins in the previous quarter.


Shares of Medtronic fell 3% after the company reported a mixed quarter. The medical device company’s profit was 3 cents per share higher than the Refinitiv consensus estimate. However, revenue fell short of Wall Street expectations. Medtronic also reduced its full-year forecast, citing the COVID-19 revival and health-care staffing challenges.

Burlington Stores

Burlington Stores shares rose 8.6 percent after the off-price retailer reported better-than-expected earnings. The company earned $1.36 per share on $2.3 billion in revenue, compared to the Refinitiv consensus estimate of $1.26 per share on $2.23 billion in revenue.

Gap shares lead retail lower

Traditional retail stocks have taken a hit as a result of poor quarterly results. In premarket trading, Gap fell 21%, and Nordstrom fell roughly 27%. Both companies reported lower-than-expected earnings for the most recent quarter. Investors have fled from technology and growth stocks, while bank stocks and energy stocks have risen. The divided market has resulted in the Dow finishing the week in the green, the S&P 500 slightly lower, and the Nasdaq Composite down about 1.8 percent.

Markets in the United States will be closed on Thursday for Thanksgiving and close early on Friday in a shortened session.