Stocks making the biggest moves midday: Nvidia, Okta, Five Below, Bed Bath & Beyond and more

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Check out the companies making headlines in midday trading.

Nvidia — Nvidia's stock sank more than 11% 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 about 7.5% 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 nearly 7% after lowering 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 35% 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 about 3% 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