Yahoo Finance is tracking Best Buy, Finish Line, Barrick Gold and Kinross Gold in intraday trading on Tuesday.
Best Buy tanks on CEO sales warning
Best Buy (BBY) reported better-than-expected earnings and revenue for the second quarter, upped its guidance for the year and posted its best same-stores sales jump in seven years. Shares initially popped in the pre-market on the news but quickly gave up gains following a warning from the retailer’s chief executive. On a call with analysts, Hubert Jolly said he didn’t think it was likely that the mid-single-digit rise in comparable sales would continue. Best Buy fell about 12% to $55.18 a share in early trading, its lowest level since 2015.
Finish Line tanks on lowered guidance, new shareholder rights plan
Shares of Finish Line (FINL) plunged into negative territory on Tuesday after the company lowered its profit forecast for the year and adopted a shareholder rights plan. The plan is an effort to prevent a hostile takeover. Glenn S. Lyon, chairman of Finish Line, said in a statement, “The plan is designed to ensure that the Company’s board of directors is able to appropriately consider whether proposals, if any, are in the best interests of all our shareholders. The Company remains positioned to fully capture the opportunities we foresee to optimize value for all our shareholders.” Shares of Finish Line had fallen about 19% as of 12:40 pm E.T. Tuesday.
Gold miners climb as investors seek safety
Gold miners posted gains during the first half of the trading day on Tuesday as the metal surged to its highest level in nearly a year. Investors fled to the precious metal as tensions over North Korea’s missile launch rattled global markets. Barrick Gold (ABX), Goldcorp (GG), and Kinross Gold (KGC) are getting a boost in midday trading.
For more on Tuesday’s big stock movers and breaking news after the bell, check out The Final Round, starting at 3:55 p.m. ET, on Yahoo Finance.