The S&P 500 index was down more than 1.5% in early afternoon trading Monday as Facebook’s (FB – Free Report) steep declines dragged tech stocks lower, triggering sell alerts and causing volatility to prevail as the trading week kicked off.
Facebook’s slump is attributable to reports that emerged during the weekend linking the social media behemoth to questionable activity from political consultancy Cambridge Analytica.
This data analysis company, which worked on Facebook ads for President Trump’s 2016 campaign, allegedly mishandled the personal information of about 50 million Facebook users, underscoring concerns about security and abuse within internet advertising.
Morning volatility inspired by Facebook’s selloff was exacerbated as investors remembered several similar moments of panic over the past few months and ditched stocks accordingly. The broad S&P 500 sunk as much as 2% to hit an intraday low of 2,696.43.
Nevertheless, several notable S&P companies remained in the green through early afternoon trading, desperately attempting to keep the index afloat on the day. Check out why a few of these stocks were able to fight that battle on Monday!
Gap Inc. (GPS – Free Report)
Shares of Gap were up about 1.4% through early afternoon hours Monday. The retailer has had an up-and-down few weeks after reporting its latest quarterly financial results at the beginning of the month, but it looks like investors might finally be looking to reward the company for its impressive numbers.
Just a few weeks ago, Gap notched adjusted earnings of 61 cents per share, surpassing the Zacks Consensus Estimate of 59 cents per share. Total revenues in the quarter touched $4.8 billion, up about 8% year over year and ahead of our consensus estimate of $4.7 billion. Meanwhile, comps growth of 5% marked the retailer’s fifth-consecutive quarter of positive results in this key category.
Since then, we have witnessed 13 positive analyst revisions for Gap’s full-year EPS estimates. The stock is now sporting a Zacks Rank #2 (Buy).