The Nvidia logo is seen on the company’s building at an industrial park on February 7, 2019 in Tianjin, China.
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Check out the companies that make headlines in midday trading.
Nvidia – Nvidia shares drop more than 11% amid news that the government is restricting the sale of some of their chips to China. Shares of Advanced Microphone Device, which was also ordered to stop selling artificial intelligence chips to China, fell 6%. Micron technology lost more than 1%. Broadcom fell more than 2% and Qualcomm fell 4%.
Outdoor shower bed – Shares of the home retailer and meme stock fell about 7.5% at midday after several analysts said its turnaround plan, announced Wednesday, not enough to fix its struggling business. Raymond James downgrade stock Thursday, say new corporate and financial plans closing stores and laying off employees who “just kicked the can down the street.”
Food containing hormones – Shares of Hormel fell nearly 7% after the company lowered its earnings outlook for the year. The Spam and Skippy maker, among others, reduced its EPS guidance to a range of $1.78 – $1.85 from $1.87 – $1.97. Chief Executive Officer Jim Snee cited rising cost inflation as a factor, but said the pressure was transient and likely to subside in the coming quarters.
Okta – Okta stock is up 35% despite top and bottom profits falling in the recent quarter. A series of Wall Street banks have downgraded shares of the cybersecurity software company, citing troubles with it integrating Auth0, which it acquired last year.
HP – The PC maker’s stock fell about 3% when Loop Capital downgraded the stock to hold from buy. The Wall Street firm cites that commercial PC demand is likely to weaken and investors need to evaluate the company’s pending conversion plan. Earlier this week, HP reported a drop in revenue amid slowing electronics spending.
Campbell Soup – Campbell Soup lost 3% after sharing results that fell short of Wall Street expectations for the recent quarter. The company said it expected continued demand for its products as inflation remained elevated.
Year below The value retailer’s stock rose 4.5% even as earnings and revenue for the recent quarter fell short of Wall Street expectations. Five Below also issued weak guidance for the third quarter and full year.
MongoDB – Shares of MongoDB fell 25% after the cloud computing company said it expected wider-than-expected losses in the third quarter. The company beat Wall Street’s top and bottom expectations and shared strong revenue guidance.
Nutanix Nutanix’s stock jumped 26% after beating revenue in the recent quarter. The company also shared a smaller-than-expected loss and shared strong direction.
Ciena Corporation – Shares of telecom company Ciena Corporation fell 10% on Thursday after the company reported quarterly earnings that fell short of Wall Street expectations. The company disappoints on both the top and bottom lines. The company said that while it sees strong customer demand, component shortages have affected sales.
Signet Jewelers – Shares of the jewelry retailer fell 11% despite better-than-expected earnings in the recent quarter. Comparative store sales fell more than expected.
Lands ‘End Apparel shares fell 16% despite the company reporting a smaller-than-expected quarterly loss and better-than-expected revenue. It comes as Lands’ End cuts guidance for the full year as it grapples with ongoing supply chain issues.
Pure storage Pure Storage shares trade 6% lower despite second-quarter top and bottom profits both falling. 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.