It is the 29th of February 2020

Gap Soars 16% After Ending Plan To Spin Off Old Navy... After Soaring 18% On Plan To Spin Off Old Navy

Gap Soars 16% After Ending Plan To Spin Off Old Navy... After Soaring 18% On Plan To Spin Off Old Navy

Late February last year, Gap announced its plans to create two independent publicly traded companies: spinning off Old Navy and a yet-to-be-named company.

Shares soared 18% on the news.

Tonight, after hours, Gap has issued a statement that it is scrapping plans to spin off its Old Navy brand.

"The work we've done to prepare for the spin shone a bright light on operational inefficiencies and areas for improvement," said Gap chief executive Robert Fisher, adding that the company has "learned a lot" and intends to operate in a manner that "empowers our growth brands, Old Navy and Athleta."

Shares soared 16% after hours...

This is the 'market' you are trading in...

So... a 360-degree roundtrip, with the company back right where it started, but in the process it gained over 30% on two mutually offsetting events. And that's why we give thanks for algos and millennial "investors" every day.

Tyler Durden Thu, 01/16/2020 - 16:57

==> Source: https://www.zerohedge.com/s3/files/inline-images/2020-01-16_14-02-09.jpg?itok=kgPqu15i

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