Gap Inc. shares jumped 12.94 percent on Friday to close at $23.48 after the company named Michael Francis as the new president and CEO of its Old Navy brand, effective November 2, 2026, succeeding Haio Barbeito. Investors welcomed the move as Old Navy is Gap's largest revenue-generating brand. The rally also followed strong second-quarter results, with net income more than doubling to $501 million from $216 million a year earlier, despite a 2 percent dip in net sales to $3.65 billion. The company declared a dividend of $0.175 per share, payable on October 28 to shareholders of record as of October 7. Several analysts raised price targets, and hedge fund participation increased to 36 funds from 31, though committed capital fell 16 percent to $647.7 million.
The Gap, Inc.Q2 profits more than doubled and new Old Navy CEO named, driving shares up 12.9%
Walmart Inc.