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Premarket Movers Wednesday - Nordstrom, Gap, Pure Storage

Stock futures trade lower Wednesday after a spate of retailers miss earnings forecasts due to supply chain disruptions.

Stock futures were falling Wednesday with Nordstrom  (JWN) - Get Nordstrom, Inc. (JWN) Report and Gap  (GPS) - Get Gap, Inc. (GPS) Report shares tumbling premarket after disappointing earnings.

Here are some of the top movers ahead of the opening bell on Wednesday.

1. Nordstrom JWN | Down 25.59%

Shares of Nordstrom plunged early Wednesday after the retailer posted weaker-than-expected third quarter earnings due to rising labor costs and supply chain delays.

Analysts at JPMorgan, Jefferies, Credit Suisse, Citi and Baird cut their price targets on the stock.

2. Pure Storage PSTG | Up 10.15%

Shares of Pure Storage  (PSTG) - Get Pure Storage, Inc. Class A Report rose premarket after the California tech company posted fiscal third -quarter earnings that exceeded analysts' expectations. 

The maker of flash-based storage systems also issued a better-than-expected current-quarter revenue outlook. 

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3. Gap GPS | Down 20%

Shares of Gap were down after the San Francisco retailer said acute supply chain headwinds affected its ability to fully meet strong customer demand. Gap operates lifestyle brands Old Navy, Gap, Banana Republic, and Athleta.

Gap said global supply chain disruption, including Covid-related factory closures and continued port congestion, caused significant product delays in the third quarter. 

The company also cut its full-year profit forecast.

4. Deere DE | Up 3.67%

Shares of Deere  (DE) - Get Deere & Company Report were rising after the the farm equipment and construction machinery company posted stronger-than-expected fourth quarter earnings.

Deere said infrastructure spending, crop prices and construction demand would help boost profits in the coming year.

5. Autodesk ADSK | Down 13.19%

Shares of Autodesk  (ADSK) - Get Autodesk, Inc. Report fell sharply after the software maker narrowed its revenue and profit guidance and lowered its billings outlook for the year.

Autodesk said supply chain disruptions and resulting inflationary pressures, a global labor shortage, and the ebb and flow of Covid are impacting the pace of its recovery and outlook.