Market Focus

Gap

Gap’s sales keep sliding. The retailer saw same-store fell in may, but not as much as analysts were expecting. The company’s Old Navy brand saw sales increase, which helped to offset a decline at Gap and Banana Republic. Still, shares fell about one percent to $38.22 in today’s session.

Diamond Foods

Strong results from Diamond Foods. The company easily beating profit expectations today. It also hiked its full-year earnings guidance. Revenue missed forecasts, but investors overlooked that. Shares were more than seven percent higher to $31.11.

David’s Tea

David’s Tea saw its shares surge on its first day of trading. The Canadian beverage giant will use the proceeds from today’s IPO as it looks to expand into North America. Shares were priced at 19 a piece. The stock surged well above that, closing at $27 an increase of 42 percent.

Diageo

Late in the day shares of Diageo got a lift on reports of buyout interest. A Brazilian billionaire is apparently considering taking over the the liquor giant that owns Guinness. Shares popped right when the news came out. Ending the day eight percent higher at $118.09.

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