Gap, Nordstrom, HP, Autodesk: What you should be aware of today in the stock market

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WSJ.com: Markets

Wall Street stocks fell on a wave of economic data and ahead of the minutes of the Federal Reserve’s recent meeting. Here’s what we see in Wednesday’s trading:

  • Gap said its brands were unable to meet strong demand from buyers as the ongoing aftermath of Covid-19 outbreaks resulted in factory closures and clogged ports.
  • Nordstrom’s result for the third quarter fell short of the analysts’ forecasts. Jefferies has lowered its rating and price target on the stock.
  • Ocuphire Pharma shot up with a market cap of just $ 59 million in early trading. The eye disease-focused biopharmaceutical company was listed as a Buy by HC Wainwright with a target price of $ 26 per share. The stock closed at $ 3.48 on Tuesday.
  • Autodesk has narrowed its revenue and profit guidance and lowered its billing outlook for the year.
  • Dell had its strongest third quarter ever with sales of $ 26.4 billion and net income of $ 3.9 billion.
  • HP reported strong earnings and an bullish outlook, helped by the reopening of offices and expectations of healthy consumer demand during the holiday season despite supply shortages.
  • VMware reported revenue growth in the third quarter that exceeded analysts’ estimates as companies continued to demand cloud software and services.
  • Deere predicts higher profits for the coming fiscal year, citing increased crop prices and economic growth as the fundamentals that will drive demand.
Chart of the day
  • Turkey’s economic crisis entered a tumultuous new phase as the currency fell to record lows and President Recep Tayyip Erdogan prepared to meet the leader of a regional rival seeking foreign investment.

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

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