Gap is closing 175 of its namesake stores and cutting 250 corporate jobs as it tries to strengthen its struggling brand. The company, which is also the parent of brands like Old Navy and Banana Republic The company, which is also the parent of names like Old Navy and Banana Republic, says it expects annual sales losses of about $300 million because of those closures. Shares were higher initially after the bell. Before the close the stock was off a fraction to $38.20.
Some competition for Netflix. Chinese e-commerce giant Alibaba says it plans to launch a rival pay-to-watch video subscription service in China within a couple of months. Shares of Netflix fell one percent to $654.02.
Cox Automotive & DealerTrack
Cox automotive, the owner of Kelley Blue Book and AutoTrader will buy Dealertrack in a deal valued at $4 billion. The combination is expected to allow the firms to provide a wide range of software for the auto industry. Shares soared, up 58 percent to $62.98.
Some promising news for Bluebird’s sickle-cell drug. The experimental treatment got encouraging results in a one-patient study involving a french teenager. Shares fell more than one percent to $177.78 in today’s session.