US Premarket: HP, GameStop, Hormel and other stocks making biggest moves

Hewlett Packard Enterprise (HPE)

The stock plunged 4.9% in premarket action after HP fell
a penny shy of estimates with adjusted quarterly earnings of 44 cents per
share. The enterprise computing company’s revenue was marginally short of Wall
Street forecasts. Profit margins are holding up well in the face of inflation
and supply chain disruptions, the company said.

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Lands’ End (LE)

Shares of the apparel retailer shares fell 10.2% in
premarket action after the company reported a quarterly loss of 7 cents per
share, 3 cents below the estimates. Revenue fell short of Wall Street
forecasts. Lands’ End issued a full-year earnings forecast of 60 cents to 88
cents per share, significantly below the 87-cent consensus estimate.

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Hormel (HRL)

Hormel surged 1.7% in the premarket after beating top and
bottom-line estimates for its latest quarter. The parent of the Spam, Dinty
Moore and Jennie-O food brands backed its earlier full-year sales guidance and
also said its moves to reduce inflation and supply chain issues were proving
effective.

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Designer Brands (DBI)

Shares of the footwear and accessories retailer jumped
3.7% in premarket trading after reporting better-than-expected profit and
revenue for its latest quarter. Designer Brands raised its full-year profit
outlook but slashed its comparable-sales growth outlook.

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Ciena (CIEN)

Ciena fell 2.3% in the premarket action after reporting
networking equipment reported adjusted earnings of 50 cents for its latest
quarter, 4 cents below the consensus estimate. Ciena said demand remains strong
but supply chain challenges are resulting in increased uncertainty.

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GameStop (GME)

GameStop gained 1% in the premarket trading after posting
a sales increase for its recent quarter as footfall at its stores increased,
although it also saw its losses widen.

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MongoDB (MDB)

The database platform provider’s stock surged 8.6% in the
premarket after reporting better-than-expected that beat analyst forecasts.
MongoDB’s sales surged 57% compared with a year earlier.