(Updates from 12:17 p.m. ET with closing information.)NEW YORK ( TheStreet) -- Barnes & Noble (BKS ) shares plunged 15.72% to $14.05 following the Tuesday release of disappointing second quarter results.
Best Buy (BBY ) shares spiked 10.25% to $33.88 after releasing strong second quarter results. The struggling online retailer beat expectations, reporting non-GAAP earnings of 32 cents a share on $9.3 billion in sales. Analysts were expecting 12 cents a share on sales of $9.13 billion. Growth was strongest in the mobile and appliances departments and weakest in gaming and digital imaging. In addition, the company has continued to cut costs, eliminating $65 million in annual costs during this quarter and reducing costs by $390 million through its Renew Blue revival blueprint. "While we are clear that there's much more work ahead, we have made measurable progress since we unveiled Renew Blue last year, including near-flat comparable store sales, substantial cost take outs, and better than expected earnings in the past three consecutive quarters," President and CEO Hubert Joly said in the earnings call. He enumerated six additional goals: accelerating online growth, accelerating multichannel customer experience, increasing revenue and gross profit per square foot, reducing the cost of goods sold for supply chain efficiencies, improving its US real estate portfolio, and further reducing selling, general, and administrative expenses.