A Gap store in New York, August 2, 2020.
Scott Mlyn | CNBC
- Gap (GPS) fires the head of its most important growth line: Old Navy. Nancy Green is set to depart her post this week. No replacement yet. Retailer said CEO Sonia Syngal will be working closely with Old Navy team. Cuts fiscal first-quarter sales guidance. Way too much inventory ... Fooled a lot of people but supply chain victim. Lotta people got gaffed here. Deutsche Bank lowers price target to $17 from $26. Several other analysts cut targets, too.
- Snap shows there is a refreshing shift to consumer packaged goods customers who are hard to reach. GQ, Vogue, WSJ, ESPN, CNN all use Snap's dynamic ads product. CEO Evan Spiegel did great job on call with investors. Nike (NKE) is reaching kids 13 to 17 — very hard group to crack … Daily users grew 18% annually, which was more than expected. But is this a $48 billion company? Not with big losses ... not anymore. The social media platform missed analyst expectations for profit and sales for the first quarter, and forecast disappointing sales growth in the current quarter. Barclays cuts price target to $42 from $77. Piper Sandler lowers to $50 from $53, says Russia-Ukraine hit is bad. Is this direct response staying weak? Is the end of the ad boom? I don't think so but we have a European slowdown.