Top Stock Movers Now: Best Buy, Dollar General, Nvidia, and More
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Key TakeawaysU.S. equities gained at midday Thursday as a report showed the economy grew more than previously reported in the second quarter.Best Buy shares surged after the retailer posted better-than-expected results and boosted its guidance.Dollar General shares cratered as the discount retailer warned its customers are being squeezed by inflation.
U.S. equities were higher at midday Thursday following a report showing the economy grew more than previously reported in the second quarter as consumer spending rose. The Dow, S&P 500, and Nasdaq all advanced. Best Buy (BBY) was the best-performing stock in the S&P 500 after the electronics retailer beat earnings and revenue estimates and raised its outlook amid a rebound in demand for tech gadgets.Shares of Tesla (TSLA) gained as William Blair analysts began coverage of the electric vehicle (EV) maker with a "buy" rating, pointing to the value of its energy storage business.Cooper Companies (COO) shares jumped as the medical device maker exceeded profit forecasts and boosted its guidance on higher demand for its contact lenses. Dollar General (DG) shares crashed after the discount retailer missed profit and sales forecasts and slashed its guidance as it warned customers are “financially constrained” by inflation.Shares of Nvidia (NVDA) fell as the artificial intelligence (AI) chipmaker’s results failed to impress investors, despite exceeding analysts' estimates.American Eagle Outfitters (AEO) shares sank as the retailer’s revenue came in below forecasts and it gave weak guidance for the current quarter as its smaller brands lost sales.Oil and gold futures rose, and the yield on the 10-year Treasury note edged higher. The U.S. dollar gained on the euro, pound, and yen. Prices for most major cryptocurrencies were in the green.
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