Futures are heading down ahead of a wave of economic data and the release of minutes from the Federal Reserve’s most recent meeting. Here’s what we see in Wednesday’s trade:
- The Gap stock fell 20% ahead of time. 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 fell 27% before the market. Retailer third-quarter earnings missed analysts’ forecasts. Jefferies reduced its rating and price target for the stock.
- Autodesk fell 14% before the market after the software maker narrowed its revenue and earnings expectations and lowered its billing outlook for the year.
- Dell added 2.3%. The technology company said it had its strongest third quarter to date with sales of $ 26.4 billion and net income of $ 3.9 billion.
- HP jumped 6.6 pct. The computer maker reported strong earnings and provided positive outlook, aided by office reopening and an expectation of healthy consumer demand through the Christmas shopping season despite a shortage of supplies.
- VMware fell 1.3 percent. The company reported increased sales in the third quarter, beating analysts’ estimates as companies continued to demand cloud software and services.
- Earnings must be paid from Deere before opening.
- Turkey’s economic crisis entered a tumultuous new phase, with its currency falling to a record low, and President Recep Tayyip Erdogan preparing to meet the leader of a regional rival in the pursuit of foreign investment.
Write to James Willhite at firstname.lastname@example.org