Stocks making the biggest moves premarket: Hormel, Ciena, GameStop and more

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Check out the companies making headlines before the bell:

Hormel (HRL) – Hormel added 1.7% in premarket trading after beating top and bottom-line estimates for its latest quarter. The company behind the Spam, Dinty Moore and Jennie-O food brands backed its earlier full-year sales guidance and also said its moves to mitigate inflation and supply chain issues were proving effective.

Designer Brands (DBI) – The footwear and accessories retailer reported better-than-expected profit and revenue for its latest quarter and raised its full-year profit outlook, although it cut its comparable-sales growth outlook. Designer Brands shares jumped 3.7% in the premarket.

Lands' End (LE) – The apparel retailer's shares slid 10.2% in the premarket after the company reported a quarterly loss of 7 cents per share, 3 cents smaller than anticipated, but revenue fell short of Wall Street forecasts. It also issued a full-year earnings forecast of 60 cents to 88 cents per share, mostly short of the 87-cent consensus estimate.

Ciena (CIEN) – The networking equipment maker earned an adjusted 50 cents per share for its latest quarter, 4 cents short of consensus, while revenue came in below estimates. Ciena said demand remains strong but supply chain challenges are resulting in increased uncertainty. Ciena fell 2.3% in premarket action.

GameStop (GME) – GameStop rose 1% in premarket trading after posting a sales increase for its latest quarter as more people shopped in its stores, although it also saw its losses widen.

Hewlett Packard Enterprise (HPE) – Hewlett Packard Enterprise fell a penny shy of estimates with adjusted quarterly earnings of 44 cents per share, while the enterprise computing company's revenue was slightly short