Check out the companies making headlines in midday trading.
Shell — Shares of Shell popped 2.7% after the company announced it was stopping all spot purchases of Russian crude oil. Shell also apologized for buying a heavily discounted consignment of Russian oil.
Dick's Sporting Goods — Shares of the sporting goods giant jumped 2.1% after the company reported profits and sales growth in its holiday quarter that topped analysts' estimates. Dick's also offered a better-than-expected forecast for 2022 earnings and same-store sales, which it says sets a baseline for future growth coming out of Covid-19.
Enphase Energy, SunPower — Enphase Energy and SunPower rose 10.8% and 18.7%, respectively, as rising oil prices resulting from the Russia-Ukraine conflict continue to shift attention toward alternative energy sources. President Joe Biden also announced Tuesday a ban on Russian oil and gas imports.
Chevron, Exxon Mobil — Traditional energy stocks are up as oil prices continue to rise, and the U.S. announced a ban on Russian oil and gas imports in response to its war on Ukraine. Shares of Chevron and Exxon rose 5.2% and 0.8%, respectively.
Dish Network — Shares of the telecom company jumped 5.2% on Tuesday after Dish received an upgrade from UBS to buy. UBS said in a note to clients that Dish's spectrum holdings are undervalued and provide a backstop against downside risk for the stock.
Apple — Apple shares fell 1.2%. The tech giant held its first launch event of the year on Tuesday. The company announced a new affordable iPhone, an update to the iPad Air and its latest, most powerful Mac chip.
Caterpillar — Shares rallied 6.8% after Jefferies upgraded the stock to a buy rating from a hold rating. The firm said the surge in commodities prices sparked by Russia's invasion of Ukraine could boost Caterpillar's performance.
Petco — Shares of Petco rose 8% after the company beat analysts' estimates on the top and bottom lines in the fourth quarter. The pet retailer also issued strong revenue guidance for 2022.
ThredUp — Shares of ThredUp closed 0.8% lower after the company reported weaker-than-expected quarterly results. The company posted a loss of 18 cents per share versus the Refinitiv consensus estimate of 17 cents per share. ThredUp's revenue met analysts' estimates, but the company's first-quarter revenue guidance came in lower than expected.
— CNBC's Yun Li, Jesse Pound and Maggie Fitzgerald contributed reporting