Gap's Q1 Income Down 22%; HP to Eliminate At Least 11,000 Additional Jobs
Stocks continued to rally and ended the day slightly up. Retailers continued to release their first quarter earning reports this week. Best Buy (BBY) reported stronger-than-expected profit in Q1 resulting in their shares jumping up 2.7% during afternoon trading. Gap (GPS) didn't quite fair as well, their Q1 net income fell 22% due to additional discounting in hopes of bringing in more customers during the cold winter. Due to all of the recent recalls General Motors (GM) has actually recalled more vehicles in 2014 than they have sold in the past 5 years.GM has recalled almost 13.8 million vehicles in the U.S. alone thus far in 2014 and sold only 12.2 million vehicles from 2009-2013.
Word on the Street
Published on May 22, 2014By InvestorGuide Staff