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For Gap Inc., the Old Navy brand is driving momentum in its turnaround. The company posted solid second-quarter results that showed its lower-priced chain adding market share and playing an increasingly important role in bolstering overall sales. Trailing 12-month revenue revealed a growing gap between Old Navy and the namesake brand of $1.63 billion as of the latest quarter, the widest spread ever. “Value trumps all today,” one Wells Fargo Securities analyst said, commenting on the report.
Foot Locker Inc. says it’s not worried about Amazon, but analysts say it should be. The athletic retailer should also be nervous about the direct-to-consumer actions being taken by some of the biggest names on its shelves. Foot Locker (FL) shares plummeted 28% in Friday trading after the company reported a 6% second-quarter same-store sales decline, and a 4.4% year-over-year decrease in sales, to $1.78 billion.
shares were down nearly 2% in Thursday's broad-based market pullback, closing near the low of the session and on the support line of a rising triangle pattern on the daily chart. On Friday, AAPL stock is roughly flat in morning trade. The triangle pattern has been forming for the last month as AAPL stock moved up through its May highs, to make a series of new all-time highs.