Gap's Stock On Track To Extend Its Longest-ever Monthly Losing Streak To 8 Months
Gap Inc.'s stock slumped 3.2% in morning trade Tuesday, putting the stock in danger of extending its longest monthly losing streak in its nearly 40-year history, after the apparel retailer reported disappointing October sales results and cut its profit outlook late Monday. J.P. Morgan analyst Matthew Ross reiterated hits underweight rating on the stock, and kept his stock price target at $20, which is 25% below current levels, as all three of Gap's branded stores showed sales deceleration. The stock has now lost 1.9% so far this month, after tumbling 37% amid a seven-month losing streak through October. Since Gap went public in May 1976, the stock's previous longest monthly losing streaks were five months, one ending in July 2008 and the other in May 1992.
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