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 top and bottom-line estimates for its latest quarter. The company behind the Spam, Dinty Moore and Jennie-O food brands backed its earlier full-year sales guidance and also said its moves to mitigate inflation and supply chain issues were proving effective.
Designer Brands (DBI) – The footwear and accessories retailer reported better-than-expected profit and revenue for its latest quarter and raised its full-year profit outlook, although it cut its comparable-sales growth outlook. Designer Brands shares jumped 3.7% in the premarket.
Lands’ End (LE) – The apparel retailer’s shares slid 10.2% in the premarket after the company reported a quarterly loss of 7 cents per share, 3 cents smaller than anticipated, but revenue fell short of Wall Street forecasts. It also issued a full-year earnings forecast of 60 cents to 88 cents per share, mostly short of the 87-cent consensus estimate.
Ciena (CIEN) – The networking equipment maker earned an adjusted 50 cents per share for its latest quarter, 4 cents short of consensus, while revenue came in below estimates. Ciena said demand remains strong but supply chain challenges are resulting in increased uncertainty. Ciena fell 2.3% in premarket action.
GameStop (GME) – GameStop rose 1% in premarket trading after posting a sales increase for its latest quarter as more people shopped in its stores, although it also saw its losses widen.
Hewlett Packard Enterprise (HPE) – Hewlett Packard Enterprise fell a penny shy of estimates with adjusted quarterly earnings of 44 cents per share, while the enterprise computing company’s revenue was slightly short of 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% in the premarket.
MongoDB (MDB) – MongoDB surged 8.6% in the premarket after reporting an unexpected quarterly profit and revenue that topped analyst forecasts. The database platform provider’s sales surged 57% compared with a year earlier.
Chewy (CHWY) – Chewy reported a quarterly profit of 4 cents per share, compared with consensus forecasts of a 14 cents per share loss. The pet products retailer also reported better-than-expected revenue and stood by its prior outlook. Its stock soared 19.6% in premarket trading.
PVH (PVH) – PVH rallied 4.1% in the premarket after the apparel company reported better-than-expected quarterly sales and profit. The company behind brands like Tommy Hilfiger and Calvin Klein said it was negatively impacted by supply chain and logistics disruptions as well as Covid-related lockdowns in China.