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Check out the companies making headlines in midday trading.
Nvidia — Nvidia’s stock sank 7.7% amid news that the government is restricting the sale of some of its chips to China. Shares of Advanced Micro Devices, which was also ordered to stop selling artificial intelligence chips to China, fell 6%. Micron Technology lost more than 1%. Broadcom dropped more than 2%, and Qualcomm slid 4%.
Bed Bath & Beyond — Shares of home retailer and meme stock fell 8.6% midday after a handful of analysts said its turnaround plan, announced Wednesday, isn’t enough to fix its struggling business. Raymond James downgraded the stock Thursday, saying new financing and company plans to close stores and lay off employees “only kicks the can down the road.”
Hormel Foods — Shares of Hormel dropped 6.5% after the company lowered its earnings outlook for the year. The maker of Spam and Skippy, among others, dropped its EPS guidance to a range of $1.78 – $1.85 from $1.87 – $1.97. CEO Jim Snee cited elevated cost inflation as a factor, but said the pressures are transient and likely to subside over the coming quarters.
Okta — Okta shares cratered 33.7% despite a top and bottom line beat in the recent quarter. A slew of Wall Street banks downgraded shares of the cybersecurity software company, citing troubles as it integrates Auth0, which it acquired last year.
HP — Shares of the PC maker fell 1.8% as Loop Capital downgraded the stock to a hold rating from buy. The Wall Street firm cited potentially softening commercial PC demand and the need for investors to assess the company’s pending transformation plan. Earlier this week, HP reported a revenue miss amid a slowdown in spending on electronics.
Campbell Soup — Campbell Soup lost 2% after sharing results that fell in line with Wall Street’s expectations in the recent quarter. The company said it expects continued demand for its products as inflation remains elevated.
Five Below — Shares of the value retailer rose 6.3% even after earnings and revenue for the recent quarter fell short of Wall Street’s expectations. Five Below also issued weak guidance for the third quarter and the full year.
MongoDB — MongoDB’s stock shed 25.3% after the cloud computing company said it expects a wider-than-expected loss in the third quarter. The company beat Wall Street’s top and bottom line expectations and shared strong revenue guidance.
Nutanix — Nutanix’s stock soared 29% following a revenue beat in the recent quarter. The company also shared a smaller-than-expected loss and shared strong guidance.
Ciena Corporation – Shares of telecommunications company Ciena Corporation slipped 10.4% Thursday after it reported quarterly earnings that missed Wall Street expectations. The company disappointed on both the top and bottom lines. The firm said that while it’s seeing strong customer demand, component shortages have affected sales.
Signet Jewelers — Shares of the jewelry retailer sank 12% despite better-than-expected earnings in the recent quarter. Comparable store sales were down more than anticipated.
Lands’ End — The apparel stock slid 15.3% despite the company posting a smaller-than-expected quarterly loss and revenue that beat expectations. It came as Lands’ End cut its guidance for the full year as it grapples with ongoing supply chain issues.
Pure Storage — Shares of Pure Storage traded 2.6% lower despite a second-quarter top and bottom line beat. The company also shared strong revenue guidance for the third quarter and full year.
— CNBC’s Michelle Fox, Yun Li, Carmen Reinicke and Tanaya Macheel contributed reporting.