GAP(GPS.US) stock fell over 20.0% during today’s session after the apparel retailer posted disappointing quarterly figures in part due to supply chain issues. Company earned 27 cents per share, well below Wall Street estimates of 50 cents per share, while revenue fell to $3.94 billion from $3.99 billion in the year-ago quarter. Gap said it swung to a net loss of $152 million, or 40 cents per share, from net income of $95 million, or 25 cents a share, a year earlier. Company also lowered its full-year forecast. The apparel retailer has been hit by higher costs for shipping, as well as extended factory closures in Vietnam where it sources about 30% of its products.
GAP (GPS.US) stock launched today's session sharply lower and broke below the lower limit of the descending channel. Currently price is testing major support at $17.70 which coincides with 61.8% Fibonacci retracement of the last upward wave. Should a break lower occur, the next target for sellers is located at $14.00 level. Source: xStation5
Start investing today or test a free demo
Create account Try a demo Download mobile app Download mobile appThis content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
