Afternoon BUZZERS: Urban Outfitters SOARS, But Apple SINKS

Best Buy (NYSE:BBY) shares plunged nearly 7 percent this morning, but is now down less than 2 percent. The electronics retailer reported dismal results for the second quarter. Net income dropped 90.6 percent to $12 million (4 cents per share), compared to $128 million (34 cents per share) a year earlier. Revenue also declined 2.8 percent and the company announced it will no longer provide guidance. RadioShack (NYSE:RSH) shares also fell on the news.

Shares of Urban Outfitters (NASDAQ:URBN) have surged more than 17 percent today after reporting financial results for the second quarter. Net income rose 8.1 percent to $61.3 million (42 cents per share), compared to $56.7 million (35 cents per share) a year earlier. Revenue also increased 11 percent to $676.3 million. “I am excited and gratified that our team produced record second quarter sales and profits while reducing comp store inventories,” said chief executive officer, Richard A. Hayne. “As we head into the second half of the year we plan for gradual year over year improvement in our business along with further tightening of our store inventories,” finished Mr. Hayne.

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Apple (NASDAQ:AAPL) shares continued to climb higher in the start of today’s session, but are down more than 1 percent in early afternoon trading. The tech giant closed 2.6 percent in the green on Monday, and became the most valuable publicly traded company in history, surpassing Microsoft’s (NASDAQ:MSFT) peak valuation of $618.9 billion during the tech bubble.

After gaining 5 percent yesterday, Facebook (NASDAQ:FB) shares have declined 2.45 percent today, again dropping below the $20 mark. Billionaire Peter Thiel, partner at venture-capital firm Founders Fund and one of Facebook’s earliest investors, disclosed late Monday that he sold 20.1 million Facebook shares and distributed another 2.2 million shares to investors as part of a scheduled selling plan, according to a filing with the Securities and Exchange Commission. Thiel raised $395.8 million by selling shares in multiple transactions at prices ranging between $19.69 and $20.68.

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