Stocks making the biggest moves midday: Zoom Video, Best Buy, Abercrombie and more

Check out the companies making headlines in midday trading Tusday:

Occidental Petroleum, APA Corp — Energy stocks gained after the White House announced the U.S. will release 50 million barrels of crude from the Strategic Petroleum Reserve. The move is a coordinated release between several countries, including China and Japan. Occidental Petroleum and APA Corp gained more than 6% each.

Dollar Tree — Shares of the discount retailer added 5.5% after the company reported its latest quarterly results. Dollar Tree also said its freight costs for the quarter were much higher than it anticipated, but it still reported a revenue beat.

Best Buy — The electronics retailer saw its shares plummet more than 16% after delivering a holiday comparable sales forecast that was largely below those of Wall Street analysts amid weakening demand and shipping bottlenecks. That weighed on investors despite Best Buy reporting a quarterly beat on the top and bottom lines.

Western Digital, Micron — The tech stocks gained after upgrades from Mizuho. The research firm said Western Digital and Micron should benefit from improving chip demand.

Best Buy — Shares of Best Buy tumbled more than 14% amid worries over how rising shipping costs could impact the company’s holiday season sales. Those concerns overshadowed better-than-expected quarterly earnings.

Zoom Video — Shares of Zoom Video tanked more than 21% in midday trading after the video-chat company warned investors of a revenue growth slowdown. This caused several Wall Street firms to cut price targets on the stock. BTIG lowered its price target to $400 per share from $460 per share. Deutsche Bank Research also lowered its 12-month target to $280 per share from $350 per share.

Urban Outfitters — Urban Outfitters shares sunk nearly 10% after the retailer’s quarterly financial results showed a shift to more online sales increases costs for the company.

Dick’s Sporting Goods — Shares of the sporting goods giant dropped more than 10% despite a stronger-than-expected quarter report. The company posted fiscal third-quarter earnings that outpaced analysts’ expectations, which led it to hike its annual forecast. Dick’s stock had been on a tear this year, rising nearly 150% year to date before Tuesday’s sell-off.

Abercrombie & Fitch — The apparel retailer saw its shares drop more than 15% after the company said its profit margin dropped by 30 basis points in the previous quarter.

Medtronic — Medtronic shares retreated about 3% after the company reported a mixed quarter. The medical device maker’s profit beat the Refinitiv consensus estimate by 3 cents a share, but revenue came in below Street forecasts. Medtronic also lowered its full-year outlook, citing the Covid-19 resurgence and health-care staffing challenges.

J.M. Smucker — The food producer’s shares rose more than 4% after the company reported quarterly earnings of $2.43 per share, beating the Refinitiv consensus estimate of $2.05 a share. Revenue also beat forecasts and Smucker raised its full-year forecast.

American Eagle Outfitters — The apparel chain saw its shares jump more than 4% after beating the Street in its quarterly earnings report. American Eagle posted an adjusted profit of 76 cents per share versus the StreetAccount consensus of 61 cents per share. Revenue also came in higher than expected.

Burlington Stores — Shares of Burlington gained nearly 9% after the off-price retailer reported better-than-expected earnings. The company posted earnings of $1.36 per share on revenue of $2.3 billion, compared with the Refinitiv consensus estimate of $1.26 per share on revenue of $2.23 billion.

— CNBC’s Yun Li, Tanaya Macheel and Maggie Fitzgerald contributed reporting.