Stocks on Wall Street fell at the open amid a wave of economic data and ahead of the release of minutes from the Federal Reserve’s recent meeting. Here’s what we’re watching in Wednesday’s trading:
- Gap 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 ’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 higher in early trading. 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 narrowed its revenue and profit guidance and lowered its billings outlook for the year.
- Dell said it had its strongest-ever third quarter, with sales of $26.4 billion and net income of $3.9 billion.
- HP 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 reported increased third-quarter sales, beating analysts’ estimates, as companies continued to demand cloud software and services.
- Deere forecast higher earnings in the coming fiscal year, citing increased crop prices and economic growth as fundamentals that will drive demand.
Chart of the Day
- 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.
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