Best Buy, Bed Bath & Beyond, Baidu Rise; Twitter Falls

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By Peter Nurse

Investing.com — Stocks in focus in premarket trade on Tuesday, August 30th. Please refresh for updates.

• Best Buy (NYSE:BBY) stock rose 3.4% after the retailer reported a smaller-than-expected drop in quarterly comparable sales as steep discounts helped soften the blow from soaring inflation.

• Twitter (NYSE:TWTR) stock fell 1.5% after billionaire Elon Musk sent an additional letter of deal termination to the social media giant following his subpoenaing a whistleblower seeking documents on how it measures spam accounts.

• Bed Bath & Beyond (NASDAQ:BBBY) stock rose over 12% ahead of the release of the troubled retailer’s turnaround strategy on Wednesday as it struggles with slowing sales.

• Baidu (NASDAQ:BIDU) stock rose 3.9% after the Chinese search engine giant beat quarterly revenue estimates, underpinned by growth in its cloud business, even as it reported its first year-on-year quarterly revenue contraction in two years.

• Exxon Mobil (NYSE:XOM) stock fell 0.3% after the Wall Street Journal reported that the oil giant told Russia it will sue unless Moscow allows the company to exit its biggest remaining project in the country, Sakhalin-1.

• Corning (NYSE:GLW) stock rose 0.8% after the company announced plans to build a new optical cable manufacturing plant in Arizona as the U.S. government moves to expand broadband to millions of unserved Americans.

• American Outdoor Brands (NASDAQ:AOUT) stock rose 8.1% after B. Riley upgraded its stance on the manufacturer of outdoor equipment to ‘buy’ from ‘neutral’, seeing 40% potential upside.