18.53 0.00 (0.00%)
After hours: 7:39PM EST
|Bid||18.52 x 1300|
|Ask||18.52 x 3200|
|Day's Range||18.20 - 18.92|
|52 Week Range||15.11 - 31.39|
|Beta (5Y Monthly)||0.73|
|PE Ratio (TTM)||8.65|
|Forward Dividend & Yield||0.97 (5.21%)|
|Ex-Dividend Date||Jan 05, 2020|
|1y Target Est||N/A|
U.S. stocks closed higher again Friday, ending the week at new record highs, helped by more data suggesting the economy and corporate profits are in good health, following at least a partial resolution of the U.S. - China trade dispute and the passage of the U.S., Mexico, Canada trade deal by Congress.
One aspect of our show that distinguishes us from any other premarket coverage is our focus on opening imbalances for stocks listed on the New York Stock Exchange. The reason: these imbalances will dictate the opening price of these issues and can be especially influential on days of monthly or quadruple witch expirations. Monthly options expiration takes place on the third Friday of the month and quadruple expirations occur quarterly (March, June, September and December).
U.S. stock index futures hit new all-time highs on Friday, with investor optimism bolstered by an upbeat set of U.S. corporate earnings reports and indications of resilience in the Chinese economy. Optimism over a Phase 1 U.S.-China trade deal signed on Wednesday and recent upbeat data have raised hopes that the global economy may be picking up.
Futures suggested the rally in U.S. stocks wasn’t about to stop soon, as data from China underscored optimism the global economy will continue to expand.
"The plan to separate was rooted in our commitment to value creation from our portfolio of iconic brands," Gap's CEO Robert Fisher, said in a statement. Gap's shares closed 3.85% higher at $18.61 on Thursday.
Gap management scrapped plans to spin-off Old Navy late Thursday, and nudged its 2019 profit and sales forecast higher, as the struggling retailer looks to consolidate its three main brands.
Peck unveiled the plan in February last year when Old Navy was a bright spot for the company, which was struggling with out-of-fashion apparel at its Gap brand. The company on Thursday also said that Mark Breitbard, head of Banana Republic, will lead the Gap brand on interim basis after the departure of Chief Executive Officer Neil Fiske.
The company initially announced its plans to spinout Old Navy last year in an effort to separate the better-performing division from its core retail brand.
Gap also told investors that full-year earnings would be a bit better than the company previously estimated, with sales on a same-store and net basis will be at the higher end of its previous guidance.
Gap Inc. said late Thursday it no longer plans to spin off its Old Navy brand, saying the "cost and complexity" of the separation limited the creation of "appropriate value" from the split. The process of preparing the spinoff shone a light onto operational problems and areas for improvement, the company said. "We have learned a lot and intend to operate Gap Inc. in a more rigorous and transformational manner that empowers our growth brands, Old Navy and Athleta, and appropriately focuses on profitability for Banana Republic and Gap brand," interim Chief Executive Robert Fisher said in a statement. Gap plans to appoint a new CEO overseeing all brands, the company said. In the same statement, Gap said it expects fiscal 2019 same-store sales and net sales to at the higher end of a previous guidance between down mid-single digits and down low-single digits. Thanks to better-than-expected promotional levels over the holiday period, particularly at Old Navy, Gap forecast adjusted fiscal year 2019 earnings per share to be "moderately above" a previous guidance between $1.70 and $1.75. Shares of Gap rose 9% in the extended session Thursday after ending the regular trading day up 3.9%.
Shares of Gap Inc. jumped 10% in after-hours trading Thursday after the company said it expects earnings to come in ahead of previous guidance and said it is no longer pursuing a spin-off of its Old Navy business. Gap also said it is no longer pursuing a spin-off of its Old Navy business. "Our board of directors has concluded that the cost and complexity of splitting into two companies, combined with softer business performance, limited our ability to create appropriate value from separation," said Robert Fisher, Gap Inc. interim president and chief executive officer.
Gap has abandoned plans to break itself up and announced another senior executive departure, in another sign of how retailers are struggling with their strategic responses to upheaval in the industry. almost a year ago to separate its Old Navy division from the rest of the group, which includes Banana Republic as well as its namesake brand.
Real Estate Roundup is a weekly rundown of developments in the world of industrial real estate used for logistics and transportation. Electronic commerce is the culprit and some apparel retailers are tweaking and strengthening industrial real estate holdings to capitalize on potential efficiency gains from logistics and distribution. Delta Apparel, the Greenville, South Carolina-based maker of the Salt Life and Coast Apparel brands, is spending $15 million to upgrade a distribution center in Clinton, Tennessee.
2018's fourth quarter was a rough one for investors and many hedge funds, which were naturally unable to overcome the big dip in the broad market, as the S&P 500 fell by about 4.8% during 2018 and average hedge fund losing about 1%. The Russell 2000, composed of smaller companies, performed even worse, trailing the […]
Gap Inc. was downgraded to hold from buy at Jefferies after analysts began to reconsider whether spinning off Old Navy is the best move for the brand. Jefferies cut its price target to $17 from $24. Old Navy had been a steady source of positive news even as the namesake brand and Banana Republic struggled. But Old Navy posted a 4% same-store sales decline in the most recent quarter. "Old Navy has faced headwinds around traffic, product missteps have taken longer than expected to fix, and margins have been under pressure," analysts wrote. "While these issues are more than likely transient in nature, the limited visibility at Old Navy makes us more cautious, and given the way the business has been trending, we question if the spin still makes sense." Jefferies isn't the first research group to question the spin off. Wells Fargo also suggested that calling it off would be a solid move. Moreover, Gap is searching for a permanent chief executive, which analysts say is necessary for a turnaround, and a transformation will take time. Gap stock has fallen 31.8% over the past year while the S&P 500 index is up 27.2% for the period.
Gap has announced it will no longer spin off Old Navy into its own public company. The retail company also announced its President and CEO Neil Fiske is stepping down. The On The Move panel discusses the announcements.
Gap has announced it will no longer separate Old Navy into its own publicly traded company, leaving analysts more optimistic about the retail brand. Yahoo Finance's Dan Roberts and Seana Smith discuss the move on The First Trade.