Hormel Foods, Campbell Soup, Ciena and others

News Update – Pre-Release

Check out the companies making headlines before the bell:

Hormel Foods (HRL) – Hormel fell 4.2% in pre-market after posting a mixed batch of quarterly results and guidance. The food producer’s quarterly revenue beat forecasts, but profits were slightly lower. Similar to its outlook for the full year, Hormel expects rising operating costs to persist.

Campbell’s Soup (CPB) – Campbell Soup fell 2.4% pre-market after its quarterly profit and sales matched Wall Street estimates. Campbell issued an upbeat forecast, saying he expects continued high demand for his soup and other food products.

Respect (CIEN) – Ciena fell 11.6% in premarket trading after the networking equipment maker missed estimates on top and bottom results for its latest quarter. Ciena continues to experience strong customer demand, but its sales continue to be affected by component shortages.

lands end (LE) – The clothing retailer’s stock fell 8.3% in premarket despite a weaker-than-expected quarterly loss and sales that beat consensus. Lands’ End has downgraded its full-year outlook as global supply chain challenges drive up spending.

Bookmark Jewelers (GIS) – Signet jumped 4% in premarket trading after its quarterly earnings beat estimates, even amid a bigger-than-expected drop in same-store sales. The company also confirmed its earlier guidance for the full year.

Okta (OKTA) – Okta slipped 16.1% premarket despite better-than-expected quarterly results and an improving outlook. The identity management software company said it was encountering unexpected integration issues following the acquisition of rival Auth0 last year.

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

Nutanix (NTNX) – Shares of Nutanix jumped 16.3% in premarket action as the cloud computing company beat analysts’ forecasts for its latest quarter. The company also saw an increase in annual recurring billings and revenue.

five below (CINQ) – Five Below gained 3.2% in pre-marketing despite failures in terms of sales and results for its last quarter. The jump in shares of the discount retailer comes after Chief Financial Officer Kenneth Bull said Five Below is set to benefit this holiday season from consumers’ efforts to save money in the face of high inflation.

MongoDB (MDB) – MongoDB shares fell 16.8% in premarket trading after the cloud computing company predicted a bigger-than-expected loss for the second half of the year. MongoDB reported a smaller loss in its latest quarter than analysts had expected, and revenue also beat forecasts.

Nvidia (NVDA) – Nvidia slipped 4.3% in the pre-market after the graphics chipmaker warned it expects up to $400 million in revenue thanks to new licensing requirements Americans. These rules will impose restrictions on shipments of its most advanced chips to China. Advanced micro-systems (AMD) said some of its chips would be affected by the new requirements, and its stock fell 2.6% in after-hours trading.

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