Gap, Nordstrom, HP, Autodesk: What to Watch When the Stock Market Opens Today

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Futures are edging down ahead of a wave of economic data and the release of minutes from the Federal Reserve’s recent meeting. Here’s what we’re watching in Wednesday’s trading:

  • Gap shares sank 20% ahead of the bell. The clothing retailer said its brands were unable to meet strong demand from shoppers as continued fallout from Covid-19 outbreaks led to factory closures and clogged ports.
  • Nordstrom plunged 26% premarket. The retailer’s earnings for the third quarter missed analysts’ forecasts. Jefferies cut its rating and price target for the stock.
  • Ocuphire Pharma , with a market cap of just $59 million, rocketed 78% higher premarket. The biopharmaceutical company, which focuses on eye disorders, was rated a buy from HC Wainwright and given a price target of $26 a share. The stock closed Tuesday at $3.48.
  • Autodesk fell 14% premarket after the software maker narrowed its revenue and profit guidance and lowered its billings outlook for the year.
  • Dell added 2.1%. The technology company said it had its strongest-ever third quarter, with sales of $26.4 billion and net income of $3.9 billion.
  • HP jumped 5.6%. The computer maker reported strong earnings and gave an upbeat outlook, aided by office reopenings and an expectation for healthy consumer demand through the holiday shopping season despite supply shortages.
  • VMware slipped 1.7%. The company reported increased third-quarter sales, beating analysts’ estimates, as companies continued to demand cloud software and services.
  • Deere gained 3.7% after the farm- and construction-equipment maker forecast higher earnings in the coming fiscal year, citing increased crop prices and economic growth as fundamentals that will drive demand.
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  • Turkey’s economic crisis entered a tumultuous new phase, with its currency plunging to a record low and President Recep Tayyip Erdogan preparing to meet the leader of a regional rival in search of foreign investment.

Write to James Willhite at james.willhite@wsj.com