Gap Inc. (GPS) reported second quarter net income of $0.49 per share after the close Thursday, compared to $0.35 per share last year. The consensus estimate was for EPS of $0.48. The company also increased its full year EPS forecast to between $1.95 and $2.00, from prior expectations of $1.78 to $1.83. The consensus estimate is for EPS of $2.08.
Gap gapped open higher Friday and climbed steadily during the first 45 minutes of trade. The stock ended the session higher by 1.65 at $35.99 on above average volume. Gap has been rising for the past month and set a new high for the year.
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