Gap Wears Stock Surge Well

Shares of Gap (GPS) are surging this morning following positive comments from JPMorgan. Analysts there raised the stock to Neutral from Underweight with a price target of $24. The retailer opened the session with a gap higher open and at midday GPS is a top 10 gainer in the S&P 500 with a 3.5% jump. This breakout-type move may signal the end of the narrow consolidation the stock has been tracing out since mid-December. If GPS bulls can drive the stock past the March peak, a new rally leg could be on the way. 

GPS had a very impressive post-election move. By mid-November, the stock was up over 45% from its October lows and was retesting the 2016 high. The day after its Nov. 17 report, the stock collapsed over 16%, leaving behind an ominous double top near $30.50. GPS eventually returned to major gap support just below $23, a level that has held the last four monthly lows. The stock has been building a solid base near this zone for months and may now have the spark needed to leave it behind. ...94 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

Read the full story and get access to the Real Money Pro trading floor.

There’s no substitute for a trading floor to get great ideas, so Jim Cramer created a better one at Real Money and blogs there exclusively. We then added legendary hedge fund manager, Doug Kass, with his exclusive Daily Diary and best investing ideas. Staffed with more than 4 dozen investing pros, money managers, journalists and analysts, Real Money Pro gives you a flood of opinions, analysis and actionable trading advice found nowhere else, and allows you to interact directly with each expert.

Already a Subscriber? Please login.

Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data provided by Interactive Data. Company fundamental data provided by Morningstar. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by Interactive Data Managed Solutions.

TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

IDC calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.