Check out the companies that make the headlines before the doorbell rings:
Hormel (HRL) – The food maker reported adjusted quarterly earnings of 39 cents per share, which is in line with projections, with sales above estimates. However, Hormel gave a weaker-than-expected outlook for the full year, citing the impact of higher costs, though it said price hikes and cost cuts should push its margins. Hormel lost 3.5% in pre-trading.
Lands’ End (LE) – The clothing retailer beat estimates 6 cents with quarterly earnings of 48 cents per share and sales that were also above estimates. However, the company also said its profit margins would weaken in the second half of the fiscal year due to supply chain challenges, and the stock fell 3% ahead of its launch.
Hill-Rom Holdings (HRC) – The medical device maker approved the purchase by medical device maker Baxter International (BAX) for $ 156 per share in cash, or approximately $ 10.5 billion. Earlier this week it was reported that both sides were in talks over a potential $ 10 billion deal. Hill-Rom was up 3.1% in pre-trading, while Baxter was up 0.7%.
Signet Jewelers (SIG) – The jewelry retailer reported adjusted quarterly earnings of $ 3.57 per share, well above the consensus estimate of $ 1.69, with sales also beating projections. Similar store sales rose 97%, more than analysts’ anticipated 79.2% increase. Signet also raised its outlook for the full year, and its stock advanced 5.4% pre-IPO.
Chewy (CHWY) – Chewy slumped 10.2% in the premarket after the quarterly loss was higher than expected and sales were slightly below estimates. The pet product retailer’s adjusted loss of 4 cents per share was double what analysts expected, with Chewy finding an above-average proportion of out-of-stock products. The company also issued a weaker than expected outlook.
ChargePoint (CHPT) – The electric vehicle charging company posted a 12.3% gain in premarket after quarterly sales beat estimates and the company raised its full-year revenue forecast. Last quarter, ChargePoint was in line with Street guidance with an adjusted loss of 13 cents per share.
Okta (OKTA) – The identity management software company posted an adjusted quarterly loss of 11 cents per share, less than analysts’ forecast loss of 35 cents. Sales were above estimates and the company issued a better-than-expected outlook, but stocks fell 1.5% ahead of the launch.
C3.ai (AI) – Artificial intelligence provider’s stock fell 7.7% in pre-trading hours after posting a surprising quarterly loss. C3.ai lost an adjusted 37 cents per share last quarter, compared to analyst forecasts of 28 cents per share, and also issued a weaker-than-expected revenue outlook for the current quarter.
Five Below (FIVE) – The discounter posted a 8.6% drop in its premarket price, despite a 4-cent slap in earnings of $ 1.15 per share for the quarter. Five Below sales lagged Street’s forecasts and do not provide a full-year sales or profit forecast due to the uncertainties surrounding Covid-19.
Ciena (CIEN) – The network equipment maker earned an adjusted 92 cents per share last quarter, beating estimates 13 cents while revenue beat estimates amid “robust demand.” Separately, Ciena announced the acquisition of the virtual routing and switching technology unit Vyatta from AT&T (T). Ciena rose 6.3% in pre-trading.