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Hormel Foods, Campbell Soup, Ciena and others

Hormel Foods, Campbell Soup, Ciena and others

News Update – Pre-Markets

Check out the companies that make headlines before the bell:

Hormel Foods (HRL) – Hormel fell 4.2% in the premarket after publishing a mixed series of quarterly results and guidance. The food producer’s quarterly sales exceeded forecasts, but profits lagged slightly. The same was true for the full year outlook, as Hormel expects higher operating costs to continue.

Campbell Soup (CPB) – Campbell Soup lost 2.4% in the premarket after quarterly earnings and sales matched Wall Street estimates. Campbell issued an optimistic forecast, saying it expects continued increased demand for its soup and other food items.

Ciena (CIEN) — Ciena plunged 11.6% in premarket trading after the network equipment maker missed top and bottom line estimates for its latest quarter. Ciena continues to see strong customer demand, but sales are still impacted by component shortages.

Lands’ End (LE) – The apparel retailer’s inventory fell 8.3% in premarket action, despite a smaller-than-expected quarterly loss and sales that exceeded consensus. Lands’ End lowered its full-year outlook as global supply chain challenges drive costs up.

Signet Jewelers (SIG) – Signet rose 4% in premarket trading after quarterly earnings exceeded estimates, even amid a larger-than-expected decline in same-store sales. The company also confirmed its earlier expectations for the full year.

Okta (OKTA) – Okta fell 16.1% in the premarket despite better-than-expected quarterly results and an improved outlook. The identity management software company said it encountered unexpected integration issues after its acquisition of rival Auth0 last year.

Pure Storage (PSTG) – Pure Storage rose 5.7% in premarket trading after the data storage company reported positive quarterly results amid mixed results from its industry competitors.

Nutanix (NTNX) – Nutanix shares rose 16.3% in premarket action as the cloud computing company beat analysts’ forecasts for the last quarter. The company also saw an increase in billing and annual recurring revenue.

Five Below (FIVE) – Five Below gained 3.2% in the premarket, despite disappointing top and bottom lines for the last quarter. The jump in the discount store’s shares comes after Chief Financial Officer Kenneth Bull said Five Below is poised to capitalize on consumers’ efforts to save money in the face of high inflation over the coming holiday season.

MongoDB (MDB) – MongoDB shares plunged 16.8% in premarket trading after the cloud computing firm forecast a larger-than-expected loss for the second half of the year. MongoDB reported a smaller loss in the most recent quarter than analysts had expected, and sales also exceeded forecasts.

Nvidia (NVDA) – Nvidia plunged 4.3% in the pre-market after the graphics chip maker warned it expects a sales hit of as much as $400 million due to new US licensing requirements. Those rules will put restrictions on shipping its most advanced chips to China. Advanced Micro Devices (AMD) said some of its chips would be affected by those new requirements, and its stock fell 2.6% in after-hours trading.

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