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Shares of Gap (NYSE:GPS) jumped 2.74 percent in early trading. The clothing retailer reported that net income for the second quarter rose 28.6 percent to $243 million (49 cents per share), compared to $189 million (35 cents per share) a year earlier. The company beat the mean analyst estimate of 37 cents per share. “Customers responded well to our product offerings across our brands, driving a healthy increase in sales and earnings per share during the quarter,” said Glenn Murphy, chairman and chief executive officer. “Our continued focus on product and store execution are helping to drive positive momentum and we’re committed to sustaining solid performance for the remainder of the year.”
Aeropostale (NYSE:ARO) shares plunged 7.03 percent in early trading. The company said net income in the second quarter crashed 97.6 percent to $71,000, compared to $2.9 million a year earlier. Revenue edged 3.7 percent higher to $485.3 million in the same time period. It was a miss on the top and bottom line for the company. Thomas P. Johnson, chief executive officer, commented, “While we were encouraged by the customer response to our fashion offering, we were disappointed by our overall financial performance for the second quarter.”
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After falling 6.27 percent and hitting a new intraday low of $19.69, Facebook (NASDAQ:FB) shares continued to decline in late trading, but have begun to recover this morning, up 0.40 percent in pre-market trading. Thursday marked the first post-initial public offering lockup expiration, bringing 271.1 million new shares to the market and boosting the number available for trade by 60 percent.
Shares of Apple (NASDAQ:AAPL) climbed to reach an all-time closing high of $636.34 yesterday, and continue to climb in pre-market trading today. According to the WSJ, the tech giant is holding talks with Time Warner Cable (NYSE:TWC) and other leading cable operators about creating a set-top box that will enable viewers to watch live TV and other content.
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