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…