Gap Stock Slumps on CEO Exit


Gap stock was swam to following the announcement that C. E. O. art pack is resigning after four years in the corner suite the San Francisco based retailer also provided bad news on third quarter earnings and cut its full year outlook reporting falling same store sales in the third quarter for its flagship chain banana Republic and Old Navy Wall Street analysts think gap will likely drop its plan to spin off Old Navy into a separate publicly traded firm with an ever core I. S. I. client notes saying it thinks it would be extremely difficult to pull off and a Morningstar analyst note saying the spin off should be scrapped has it makes little sense until its sales stabilize gap stock fell over seven percent on the news overall a positive day for the stock market which meant new record highs for all three main averages the Dow gained six points to twenty seven thousand six hundred eighty one the nasdaq rose forty points to eighty four seventy five the S. and P. advanced seven points to thirty

Coming up next