Midday Report: BP Plans to Cut 4,000 Jobs; Stock Rally Fades

U.S. stocks halved gains by the middle of the session on Tuesday as a decline in crude oil prices resumed. Crude extended 12-year lows as oversupply worries and concerns over Chinese demand persisted. GameStop (GME) slumped after issuing weak guidance for its holiday-shopping months. The video game retailer said sales over the season rose just 1.8 percent as a stronger dollar hit overseas revenue. Software sales dropped due to fewer Nintendo titles this year compared to the last. DreamWorks (DWA) climbed after FBR Capital upgraded to OUTPERFORM and added shares to its Top Picks list. Analysts said the firm should see higher payments from Netflix (NFLX). BP (BP) plans to cut around 4,000 jobs at its exploration and production businesses over the next year as it faces an extended period of lower oil prices. TheStreet's Keris Lahiff reports from Wall Street.