Best Buy ‘beats’
Best Buy Co Inc (NYSE:BBY) stock started Tuesday on the front, up 5.3% at $77.99, after it reported second-quarter results that were ahead of market expectations, whilst also reflecting a normalization of spending patterns and the inflationary pinch on sales.
Revenue for the quarter was $9.58 billion, beating analyst forecasts of $9.52 billion, but shy of last year's comparative of $10.33 billion.
Axcella rockets on Covid patent
Axcella Health Inc (NASDAQ:AXLA) saw its stock rocket some 175% higher in Tuesday’s early deals, to trade at 31 cents, after the small-cap firm announced it had secured a patent for its treatment for ‘long’ Covid fatigue.
Peanut-butter-jelly-time, peanut-butter-jelly-time
JM Smucker Co stock began Tuesday just over 1% higher, at $143.80, after it raised full-year guidance, triggered by a near doubling of net income in its second quarter amid higher prices.
The Orrville, Ohio-based manufacturer of Jif peanut butter and Meow Mix cat food said net income rose to $183.6 million, up from $109.8 million the year before, with EPS of $1.79, up from $1.03 before.
Nio EV sales disappoint
Nio stock fell 8% in Tuesday’s early deals, trading at $10.13, after Chinese EV firm reported a wider-than-expected net loss, amid lower sales and deliveries.
BYD reports ‘record’ EV sales
Chinese EV rival BYD (OTC:BYDDY) meanwhile rose, up 4% at $61.6, after the Chinese EV maker reported what were described as “record” sales.
VinFast cools off
Vinfast stock cooled, down 13% at $71.36, after a rampant few days in the market following last week’s float which saw the Vietnamese electric vehicle company become the ‘third most valuable car-maker in the world’.
3M trades higher
3M stock strengthened in Tuesday’s early deals, adding nearly 1.5% in further gains to $105.71 per share, following reports that its board had greenlit a $6 billion settlement to claims it sold faulty combat earplugs to the U.S. military.
Heico ‘beats’ but also ‘underwhelms’
Heico stock slipped some 4.9% in premarket deals, trading at $159.64 per share, despite the aerospace firm reported that its sales rose 27% year-over-year to $722.9 million, topping the Street estimate of $697.3 million.