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Wall Street Strengthens amid Improved Market Sentiment

PART:
1 2 3
Part 2
Wall Street Strengthens amid Improved Market Sentiment PART 2 OF 3

Gap Was the S&P 500’s Top Gainer on September 12

Top gainers

The S&P 500’s top gainers on September 12, 2017, were:

  • Gap (GPS) rose 6.4%.
  • Range Resources (RRC) rose 5.6%.
  • Perrigo (PRGO) rose 4.6%.
  • CenturyLink (CTL) rose 4.2%.
  • L Brands (LB) rose 3.9%.

Gap Was the S&amp;P 500’s Top Gainer on September 12

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Gap 

Gap, a US worldwide clothing and accessories retailer, was the S&P 500’s top gainer on September 12. Gap rose on Tuesday after analysts upgraded the stock. Last week, the company announced restructuring plans. As a result, analysts upgraded the stock and improved its market sentiment.

According to Gap’s company-wide restructuring plans, it plans to close 200 Banana Republic and Gap stores. It also plans to open 270 Old Navy and Athleta stores to support the growing brands. According to Gap’s management, Old Navy is expected to surpass $10 billion in sales in the next few years. Athleta, which focuses on athletic clothing, is expected to surpass $1 billion in sales. Analysts at Jeffries and J.P. Morgan upgraded Gap’s yearly price target as management decided to shift the company’s focus to Old Navy and Athleta.

Naming Gap as the top pick among retailers, analysts at Jeffries upgraded Gap’s target price from $35 to $39. J.P. Morgan maintained its “neutral” rating but increased the target price from $26 to $27. In addition to the restructuring plans, Gap announced its plans to hire seasonal associates for its stores. It also plans to add distribution and call centers for the holiday season in 2017.

On September 12, Gap rose 6.4% and closed the day at $27.61—the highest close in ten months.

In the next part, we’ll discuss the S&P 500’s top losers on September 12.

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