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Dollar Tree Inc dropped 12.5% to $135.50 after the deep discount retailer reported mixed quarterly results.

Consolidated net sales increased 6.1% to $7.32 billion, driven by companywide same store sales increase of 4.8%.

Dollar Tree same store sales increased 3.4%, driven by a 5.5% increase in traffic, partially offset by a 2.1% decline in average ticket.

Family Dollar’s 6.6% same store sales increase comprised of a 4.3% increase in traffic along with a 2.2% increase in average ticket.

Companywide net sales increased to $7.3 billion from $6.9 billion and net income declined to $299 million from $536.4 million and diluted earnings per share fell to $1.35 from $2.37 a year ago.

In the quarter, the company repurchased 1.025 million shares for $151.1 million.

The retailer guided full-year sales between $30 billion and $40.5 billion, driven by low- to mid-single-digit comparable same store sales.

The company guided second quarter sales between $7.0 billion and $7.2 billion and same store sales to increase in mid-single-digit sales and earnings per share between 79 cents and 89 cents.

American Eagle Outfitters Inc dropped 16.4% to $10.30 after the specialty apparel retailer estimated second quarter revenue to decline on tough comparison.

Revenue in the first quarter increased 2% to $1.1 billion, driven by 5% increase in retail store revenue and 4% decline in online sales.

Net income declined to $18.5 million from $31.7 million and diluted earnings per share fell to 9 cents from 16 cents a year ago.

The retailer estimated second quarter revenue to decline in "low single-digits" compared to last year and operating income in the range of $25 million to $35 million.

Best Buy Company Inc jumped 1.9% to $70.49 after the electronics retailer reported slightly better-than-expected adjusted earnings in its latest quarter ending in April.

Revenue in the fiscal 2024 first quarter declined to $9.5 billion from $10.6 billion, driven by 11% fall in domestic revenue to $8.8 billion on 10.4% fall in comparable sales.

Net income declined to $241 million from $341 million and diluted earnings per share fell to $1.11 from $1.49 a year ago.

In the fiscal first quarter, the company returned a total of $281 million to shareholders through dividends of $202 million and share repurchases of $79 million.

The electronics retailer reiterated its fiscal 2024 sales outlook between $43.8 billion and $45.2 billion and comparable sales to decline between 3% and 6%.

Nvidia Corporation soared 23.5% to $375.16 after the advanced chip maker reported better-than-expected quarterly sales and earnings.

The company also lifted its annual outlook on the back of demand for its AI chip.

Revenue in the fiscal first quarter declined 13% from a year ago and increased 19% from the previous quarter to $7.19 billion.

Net income increased 26% to $2.0 billion from $1.6 billion and diluted earnings per share rose to 82 cents from 64 cents a year ago.

The company estimated fiscal second quarter revenue of $11.0 billion with a band of 2% and GAAP gross margin of 68.5%.

In the first quarter of fiscal 2024, NVIDIA returned to shareholders $99 million in cash dividends and the company will pay its next quarterly cash dividend of 4 cents per share on June 30, to all shareholders of record on June 8.

Other semiconductor stocks traded higher after results from Nvidia boosted the prospects for the sector.