Stocks making the biggest pre-market moves: Hormel, Ciena, GameStop and more

Check out the companies making headlines before the bell:

Hormel (HRL) – Hormel added 1.7% in premarket trading after beating revenue and net income estimates for its latest quarter. The company behind the Spam, Dinty Moore and Jennie-O food brands backed its earlier full-year sales forecast and also said its measures to mitigate inflation and supply chain issues will s were effective.

Designer Brands (DBI) – The footwear and accessories retailer reported better-than-expected earnings and revenue for its latest quarter and raised its full-year profit outlook, although it cut its outlook for comparable sales growth. Shares of designer brands jumped 3.7% in the pre-market.

Lands’ End (LE) – The clothing retailer’s shares fell 10.2% in pre-market after the company reported a quarterly loss of 7 cents per share, 3 cents lower than expected, but revenue fell were lower than Wall Street forecasts. It also released a full-year earnings forecast of 60 cents to 88 cents per share, mostly below the consensus estimate of 87 cents.

Ciena (CIEN) – The networking equipment maker earned an adjusted 50 cents per share for its latest quarter, 4 cents below consensus, while revenue came in below estimates. Ciena said demand remains strong but supply chain challenges are driving increased uncertainty. Ciena fell 2.3% in premarket stock.

GameStop (GME) – GameStop rose 1% in pre-market trading after posting an increase in sales for its latest quarter as more people shopped at its stores, although it also saw its losses widen.

Hewlett Packard Enterprise (HPE) – Hewlett Packard Enterprise fell to within a penny of estimates with adjusted quarterly earnings of 44 cents per share, while the enterprise computing company’s revenue was slightly below Wall Street forecasts. The company said its profit margins are holding up well in the face of inflation and supply chain disruptions. The stock fell 4.9% pre-market.

MongoDB (MDB) – MongoDB jumped 8.6% pre-market after reporting unexpected quarterly profit and revenue that beat analysts’ forecasts. The database platform provider’s sales jumped 57% year-on-year.

Chewy (CHWY) – Chewy posted a quarterly profit of 4 cents per share, compared to consensus forecasts for a loss of 14 cents per share. The pet products retailer also reported better-than-expected revenue and maintained its earlier outlook. Its stock soared 19.6% in premarket trading.

PVH (PVH) – PVH rose 4.1% in the pre-market after the apparel company reported better-than-expected quarterly sales and earnings. The company behind brands like Tommy Hilfiger and Calvin Klein said it had been negatively affected by supply chain and logistics disruptions as well as Covid-related lockdowns in China.

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