NVIDIA, Hormel Foods, Rio Tinto And Some Other Big Stocks Moving Lower In Today's Pre-Market Session

• MongoDB, Inc. MDB shares dipped 17.3% to $267.00 in pre-market trading after the company issued earnings guidance below analyst estimates.
• C3.ai, Inc. AI dropped 15.6% to $15.20 in pre-market trading after the company reported worse-than-expected Q1 sales results and issued Q3 and FY23 sales guidance below analyst estimates.
• Semtech Corporation SMTC declined 14.2% to $39.64 in pre-market trading after the company issued Q3 sales guidance below analyst estimates.
• Okta, Inc. OKTA tumbled 14% to $78.59 in pre-market trading after the company reported Q2 earnings results and issued Q3 and FY23 financial guidance. Canaccord Genuity downgraded Okta from Buy to Hold and lowered the price target from $155 to $85.
• Veeva Systems Inc. VEEV dropped 11.2% to $176.95 in pre-market trading after the company issued Q3 and FY23 sales guidance below analyst estimates.
• Ciena Corporation CIEN fell 10.9% to $45.19 in pre-market trading following weak quarterly sales.
• NVIDIA Corporation NVDA declined 5.4% to $142.75 in pre-market trading following a late Wednesday filing by the company that revealed that the U.S. government has communicated to it the need to secure a license for exporting its powerful AI processors such as the A100 and the yet-to-be-released H100 chips to China. This would prevent the export of these chips to China, one of its key markets.
• Hormel Foods Corporation HRL fell 4.3% to $48.11 in pre-market trading after the company posted downbeat Q3 earnings and lowered FY22 earnings forecast.
• Rio Tinto Group RIO dropped 3.9% to $ 54.07 in pre-market trading after the company announced plans to acquire full ownership of Turquoise Hill Resources Ltd. TRQ for C$43 per share in cash.
• Advanced Micro Devices, Inc AMD dropped 3.5% to $81.92 in pre-market trading following news that the chipmakers were slapped with certain chip export restrictions to China.

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