Why Gap Stock Is Falling 7% Today

Shares of Gap (NYSE: GPS) fell almost 7% in morning trading Thursday as the market braces for the impact from a second wave of COVID-19 cases.

The retailer has more than doubled in value since hitting a low point in March as the coronavirus outbreak was declared a pandemic, but Gap's stock has given back 26% since hitting a recent high of $13.75 per share.

Gap still has significant problems as stores reopen. Its Banana Republic, Gap, and Old Navy brands have suffered from declining sales for a year or more, even as it updated investors on its progress and noted its stores had recovered 70% of their pre-pandemic sales levels.

Source Fool.com