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Head-To-Head Analysis: JIADE (NASDAQ:JDZG) & TAL Education Group (NYSE:TAL)DTX Exchange (DTX) Could Be The Most Anticipated Trading App Launch in 2025NEW YORK — President-elect Donald Trump’s lawyers formally asked a judge Monday to throw out his hush money criminal conviction , arguing continuing the case would present unconstitutional “disruptions to the institution of the Presidency.“ In a filing made public Tuesday, Trump’s lawyers told Manhattan Judge Juan M. Merchan that dismissal is warranted because of the “overwhelming national mandate granted to him by the American people on November 5, 2024.” They also cited President Joe Biden’s recent pardon of his son, Hunter Biden, who was convicted of tax and gun charges . “President Biden asserted that his son was ‘selectively, and unfairly, prosecuted,’ and ‘treated differently,’" Trump’s legal team wrote. The Manhattan district attorney, they claimed, engaged in the type of political theater "that President Biden condemned.” Prosecutors will have until Dec. 9 to respond. They have said they will fight any efforts to dismiss the case but indicated a willingness to delay the sentencing until after Trump’s second term ends in 2029. Former President Donald Trump walks to make comments to members of the news media May 30 after a jury convicted him of felony crimes for falsifying business records in a scheme to illegally influence the 2016 election at Manhattan Criminal Court in New York. In their filing Monday, Trump's attorneys dismissed the idea of holding off sentencing until Trump is out of office as a “ridiculous suggestion.” Following Trump’s election victory last month, Merchan halted proceedings and indefinitely postponed his sentencing, previously scheduled for late November, to allow the defense and prosecution to weigh in on the future of the case. He also delayed a decision on Trump’s prior bid to dismiss the case on immunity grounds. Trump has been fighting for months to reverse his conviction on 34 counts of falsifying business records to conceal a $130,000 payment to porn actor Stormy Daniels to suppress her claim that they had sex a decade earlier. He says they did not and denies wrongdoing. Taking a swipe at Bragg and New York City, as Trump often did throughout the trial, the filing argues that dismissal would also benefit the public by giving him and “the numerous prosecutors assigned to this case a renewed opportunity to put an end to deteriorating conditions in the City and to protect its residents from violent crime.” Clearing Trump, the lawyers added, also would allow him to “to devote all of his energy to protecting the Nation.” The defense filing was signed by Trump lawyers Todd Blanche and Emil Bove, who represented Trump during the trial and since were selected by the president-elect to fill senior roles at the Justice Department. A dismissal would erase Trump’s historic conviction, sparing him the cloud of a criminal record and possible prison sentence. Trump is the first former president to be convicted of a crime and the first convicted criminal to be elected to the office. Trump takes office Jan. 20. Merchan hasn’t set a timetable for a decision. Merchan could also decide to uphold the verdict and proceed to sentencing, delay the case until Trump leaves office, wait until a federal appeals court rules on Trump’s parallel effort to get the case moved out of state court or choose some other option. Prosecutors cast the payout as part of a Trump-driven effort to keep voters from hearing salacious stories about him. Trump’s then-lawyer Michael Cohen paid Daniels. Trump later reimbursed him, and Trump’s company logged the reimbursements as legal expenses — concealing what they really were, prosecutors alleged. Trump pledged to appeal the verdict if the case is not dismissed. He and his lawyers said the payments to Cohen were properly categorized as legal expenses for legal work. A month after the verdict, the Supreme Court ruled that ex-presidents can’t be prosecuted for official acts — things they did in the course of running the country — and that prosecutors can’t cite those actions to bolster a case centered on purely personal, unofficial conduct. Trump’s lawyers cited the ruling to argue that the hush money jury got some improper evidence, such as Trump’s presidential financial disclosure form, testimony from some White House aides and social media posts made during his first term. Prosecutors disagreed and said the evidence in question was only “a sliver” of their case. If the verdict stands and the case proceeds to sentencing, Trump’s punishments would range from a fine to probation to up to four years in prison — but it’s unlikely he’d spend any time behind bars for a first-time conviction involving charges in the lowest tier of felonies. Because it is a state case, Trump would not be able to pardon himself once he returns to office. Presidential pardons apply only to federal crimes. Republican presidential nominee former President Donald Trump, with Melania Trump and Barron Trump, arrives to speak at an election night watch party, Wednesday, Nov. 6, 2024, in West Palm Beach, Fla. (AP Photo/Evan Vucci) Republican presidential nominee former President Donald Trump speaks at an election night watch party, Wednesday, Nov. 6, 2024, in West Palm Beach, Fla. (AP Photo/Julia Demaree Nikhinson) Republican presidential nominee former President Donald Trump arrives at an election night watch party at the Palm Beach Convention Center, Wednesday, Nov. 6, 2024, in West Palm Beach, Fla. (AP Photo/Evan Vucci) Republican presidential nominee former President Donald Trump speaks as Melania Trump looks on at an election night watch party, Wednesday, Nov. 6, 2024, in West Palm Beach, Fla. (AP Photo/Alex Brandon) Republican Presidential nominee former President Donald Trump arrives with former first lady Melania Trump and son Barron Trump at the Palm Beach County Convention Center during an election night watch party, Wednesday, Nov. 6, 2024, in West Palm Beach, Fla. (AP Photo/Lynne Sladky) Republican presidential nominee former President Donald Trump speaks as former first lady Melania Trump listens after they voted on Election Day at the Morton and Barbara Mandel Recreation Center, Tuesday, Nov. 5, 2024, in Palm Beach, Fla. (AP Photo/Evan Vucci) Republican presidential nominee former President Donald Trump speaks as former first lady Melania Trump listens after they voted on Election Day at the Morton and Barbara Mandel Recreation Center, Tuesday, Nov. 5, 2024, in Palm Beach, Fla. (AP Photo/Evan Vucci) Republican presidential nominee former President Donald Trump speaks as former first lady Melania Trump listens after they voted on Election Day at the Morton and Barbara Mandel Recreation Center, Tuesday, Nov. 5, 2024, in Palm Beach, Fla. (AP Photo/Evan Vucci) Republican presidential nominee former President Donald Trump speaks after voting on Election Day at the Morton and Barbara Mandel Recreation Center, Tuesday, Nov. 5, 2024, in Palm Beach, Fla. (AP Photo/Evan Vucci) Republican presidential nominee former President Donald Trump speaks after voting on Election Day at the Morton and Barbara Mandel Recreation Center, Tuesday, Nov. 5, 2024, in Palm Beach, Fla. (AP Photo/Evan Vucci) Republican presidential nominee former President Donald Trump speaks as former first lady Melania Trump listens after they voted on Election Day at the Morton and Barbara Mandel Recreation Center, Tuesday, Nov. 5, 2024, in Palm Beach, Fla. (AP Photo/Evan Vucci) Republican presidential nominee former President Donald Trump speaks after voting on Election Day at the Morton and Barbara Mandel Recreation Center, Tuesday, Nov. 5, 2024, in Palm Beach, Fla. (AP Photo/Evan Vucci) Republican presidential nominee former President Donald Trump speaks after voting on Election Day at the Morton and Barbara Mandel Recreation Center, Tuesday, Nov. 5, 2024, in Palm Beach, Fla. (AP Photo/Evan Vucci) Republican presidential nominee former President Donald Trump visits his campaign headquarters, Tuesday, Nov. 5, 2024, in West Palm Beach, Fla. (AP Photo/Evan Vucci) Republican presidential nominee former President Donald Trump, joined by, from right, Melania Trump and Barron Trump, arrives to speaks at an election night watch party, Wednesday, Nov. 6, 2024, in West Palm Beach, Fla. (AP Photo/Alex Brandon) Republican presidential nominee former President Donald Trump arrives to speak at an election night watch party, Wednesday, Nov. 6, 2024, in West Palm Beach, Fla. (AP Photo/Alex Brandon) Republican presidential nominee former President Donald Trump arrives at an election night watch party at the Palm Beach Convention Center, Wednesday, Nov. 6, 2024, in West Palm Beach, Fla. (AP Photo/Evan Vucci) Republican presidential nominee former President Donald Trump arrives at an election night watch party at the Palm Beach Convention Center, Wednesday, Nov. 6, 2024, in West Palm Beach, Fla. (AP Photo/Evan Vucci) Republican presidential nominee former President Donald Trump speaks at an election night watch party, Wednesday, Nov. 6, 2024, in West Palm Beach, Fla. (AP Photo/Alex Brandon) Republican presidential nominee former President Donald Trump speaks at an election night watch party, Wednesday, Nov. 6, 2024, in West Palm Beach, Fla. (AP Photo/Alex Brandon) Republican presidential nominee former President Donald Trump speaks at an election night watch party, Wednesday, Nov. 6, 2024, in West Palm Beach, Fla. (AP Photo/Alex Brandon) Republican presidential nominee former President Donald Trump and former first lady Melania Trump walk after voting on Election Day at the Morton and Barbara Mandel Recreation Center, Tuesday, Nov. 5, 2024, in Palm Beach, Fla. (AP Photo/Evan Vucci) Republican presidential nominee former President Donald Trump and former first lady Melania Trump walk after voting on Election Day at the Morton and Barbara Mandel Recreation Center, Tuesday, Nov. 5, 2024, in Palm Beach, Fla. (AP Photo/Evan Vucci) Republican presidential nominee former President Donald Trump arrives at an election night watch party at the Palm Beach Convention Center, Wednesday, Nov. 6, 2024, in West Palm Beach, Fla. (AP Photo/Evan Vucci) Republican Presidential nominee former President Donald Trump arrives with =former first lady Melania Trump and son Barron Trump at the Palm Beach County Convention Center during an election night watch party, Wednesday, Nov. 6, 2024, in West Palm Beach, Fla. (AP Photo/Lynne Sladky) Republican presidential nominee former President Donald Trump arrives at an election night watch party at the Palm Beach Convention Center, Wednesday, Nov. 6, 2024, in West Palm Beach, Fla. (AP Photo/Evan Vucci) Get the latest in local public safety news with this weekly email.
( ) shares are starting the week on a positive note. In morning trade, the ASX 300 battery tech stock is up 11% to 82 cents. Why is this ASX 300 battery tech stock jumping? Investors have been snapping up Novonix shares today after the company a binding offtake agreement. This is the second agreement of its type it has announced this month. The first was . Today's agreement is with PowerCo. It was established by auto giant in 2022 and is committed to ramp-up global battery cell production. PowerCo oversees international factory operations, advances in cell technology, and vertical integration of the battery value chain. It has identified three gigafactory locations – Salzgitter in Germany, Valencia in Spain, and St. Thomas in Canada. These have a combined capacity of up to 200 GWh/year. Offtake agreement According to the release, the binding offtake agreement is for a minimum of 32,000 tonnes of high-performance synthetic graphite material. This material will be supplied to PowerCo over a five-year term starting in 2027. This is subject to the ASX 300 battery tech stock achieving agreed upon milestones regarding final mass production qualification and satisfying certain compliance criteria. It must also secure financing commitments for the production facilities that will supply PowerCo product. Products will be priced under an undisclosed pricing structure that has been agreed between the parties. This agreement follows the previously announced signing of a non-exclusive testing and development agreement back in March. Riverside production plans The ASX 300 battery tech stock notes that this agreement means that its Riverside facility is poised to become the first large-scale production site dedicated to high-performance synthetic graphite for the battery sector in North America. It is slated to begin commercial production in 2025, with plans to grow output to 20,000 tonnes per annum (tpa) to meet current customer commitments. But it won't stop there. The demand outlook is so positive that Novonix is progressing plans to build a second production facility in southeastern United States that will have an initial capacity of 30,000 tpa and plans to expand that facility to 75,000 tpa. It is in discussions with the U.S. Department of Energy Loan Program Office (LPO) for an Advanced Technology Vehicles Manufacturing Program loan to support the construction of this new production facility. As things stand, ASX 300 battery tech stock's current plans call for total production to increase to at least 150,000 tpa of synthetic graphite material to accommodate anticipated customer demand.Williams-Sonoma ( NYSE:WSM – Free Report ) had its price target increased by Wedbush from $135.00 to $175.00 in a research report sent to investors on Thursday, Marketbeat Ratings reports. They currently have a neutral rating on the specialty retailer’s stock. A number of other brokerages have also recently issued reports on WSM. Wells Fargo & Company boosted their price objective on Williams-Sonoma from $140.00 to $165.00 and gave the stock an “equal weight” rating in a report on Thursday. Barclays upped their price objective on Williams-Sonoma from $116.00 to $123.00 and gave the company an “underweight” rating in a report on Thursday. Robert W. Baird dropped their target price on Williams-Sonoma from $150.00 to $140.00 and set a “neutral” rating for the company in a report on Friday, August 23rd. TD Cowen upped their price target on shares of Williams-Sonoma from $165.00 to $195.00 and gave the company a “buy” rating in a research note on Thursday. Finally, Citigroup dropped their price objective on shares of Williams-Sonoma from $140.00 to $134.00 and set a “neutral” rating for the company in a research note on Friday, November 8th. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $154.41. View Our Latest Report on Williams-Sonoma Williams-Sonoma Trading Down 0.3 % Williams-Sonoma ( NYSE:WSM – Get Free Report ) last posted its earnings results on Thursday, August 22nd. The specialty retailer reported $1.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.61 by $0.13. Williams-Sonoma had a net margin of 14.54% and a return on equity of 51.56%. The company had revenue of $1.79 billion during the quarter, compared to analysts’ expectations of $1.81 billion. During the same quarter last year, the company posted $1.56 EPS. Williams-Sonoma’s quarterly revenue was down 4.0% compared to the same quarter last year. Equities analysts forecast that Williams-Sonoma will post 8.13 earnings per share for the current year. Williams-Sonoma Announces Dividend The firm also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Friday, October 18th were paid a $0.57 dividend. The ex-dividend date of this dividend was Friday, October 18th. This represents a $2.28 annualized dividend and a dividend yield of 1.33%. Williams-Sonoma’s payout ratio is 26.97%. Insider Transactions at Williams-Sonoma In other Williams-Sonoma news, CEO Laura Alber sold 40,000 shares of the business’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $130.49, for a total transaction of $5,219,600.00. Following the completion of the transaction, the chief executive officer now owns 990,956 shares of the company’s stock, valued at approximately $129,309,848.44. The trade was a 3.88 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website . Also, EVP Karalyn Smith sold 11,100 shares of the firm’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $134.66, for a total transaction of $1,494,726.00. Following the completion of the sale, the executive vice president now owns 15,150 shares in the company, valued at approximately $2,040,099. The trade was a 42.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here . In the last quarter, insiders sold 91,100 shares of company stock valued at $12,525,126. Corporate insiders own 1.50% of the company’s stock. Institutional Inflows and Outflows A number of large investors have recently modified their holdings of the company. Motley Fool Asset Management LLC grew its position in Williams-Sonoma by 4.4% during the 1st quarter. Motley Fool Asset Management LLC now owns 1,225 shares of the specialty retailer’s stock worth $389,000 after acquiring an additional 52 shares during the last quarter. Quent Capital LLC increased its position in Williams-Sonoma by 19.7% in the 1st quarter. Quent Capital LLC now owns 358 shares of the specialty retailer’s stock valued at $114,000 after acquiring an additional 59 shares during the period. EntryPoint Capital LLC raised its stake in shares of Williams-Sonoma by 520.0% during the first quarter. EntryPoint Capital LLC now owns 93 shares of the specialty retailer’s stock valued at $30,000 after acquiring an additional 78 shares during the last quarter. Smithfield Trust Co lifted its holdings in shares of Williams-Sonoma by 100.0% during the third quarter. Smithfield Trust Co now owns 160 shares of the specialty retailer’s stock worth $25,000 after purchasing an additional 80 shares during the period. Finally, Diversify Advisory Services LLC grew its stake in shares of Williams-Sonoma by 2.6% in the third quarter. Diversify Advisory Services LLC now owns 3,226 shares of the specialty retailer’s stock worth $500,000 after purchasing an additional 81 shares during the last quarter. 99.29% of the stock is currently owned by institutional investors. About Williams-Sonoma ( Get Free Report ) Williams-Sonoma, Inc operates as an omni-channel specialty retailer of various products for home. It offers cooking, dining, and entertaining products, such as cookware, tools, electrics, cutlery, tabletop and bar, outdoor, furniture, and a library of cookbooks under the Williams Sonoma Home brand, as well as home furnishings and decorative accessories under the Williams Sonoma lifestyle brand; and furniture, bedding, lighting, rugs, table essentials, and decorative accessories under the Pottery Barn brand. Featured Articles Receive News & Ratings for Williams-Sonoma Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Williams-Sonoma and related companies with MarketBeat.com's FREE daily email newsletter .
President-elect Donald Trump’s lawyers urge judge to toss his hush money convictionTrump wants to revive controversial pipeline from US to Canada: reportStock market today: Wall Street inches higher to set more records
Net sales increased 2% versus last year with comparable sales up 1% Operating margin of 9.3% improved 270 basis points versus last year Market share gains across all brands in the quarter Raises outlook for fiscal 2024 net sales, gross margin and operating income growth SAN FRANCISCO , Nov. 21, 2024 /PRNewswire/ -- Gap Inc. (NYSE: GAP), the largest specialty apparel company in the U.S. and a house of iconic brands including Old Navy, Gap, Banana Republic, and Athleta, today reported financial results for its third quarter ended November 2, 2024. "I'm proud that Gap Inc. delivered another successful quarter, growing net sales for the 4 th consecutive quarter and gaining market share across all brands while meaningfully expanding operating margin," said President and Chief Executive Officer, Richard Dickson . "Consistent execution of our strategic priorities, including the rigor and repetition we're applying to our brand reinvigoration playbook, is making us a stronger company and demonstrates our continued progress in unlocking Gap Inc.'s full potential." Dickson continued: "Holiday is off to a strong start and we remain focused on executing with excellence in the fourth quarter. Our performance year-to-date gives us the confidence to raise our full year outlook for sales, gross margin and operating income growth." Third Quarter Fiscal 2024 – Financial Results Balance Sheet and Cash Flow Highlights Additional information regarding free cash flow, which is a non-GAAP financial measure, is provided at the end of this press release along with a reconciliation of this measure from the most directly comparable GAAP financial measure for the applicable period. Third Quarter Fiscal 2024 – Global Brand Results Comparable Sales Third Quarter 2024 2023 Old Navy — % 1 % Gap 3 % (1) % Banana Republic (1) % (8) % Athleta 5 % (19) % Gap Inc. 1 % (2) % Old Navy: Gap: Banana Republic: Athleta: Fiscal 2024 Outlook As a result of its strong third quarter results, the company is raising its full year outlook for net sales, gross margin and operating income growth compared to prior expectations. Please note that the company's projected full year fiscal 2024 operating income growth below is provided in comparison to its full year fiscal 2023 adjusted operating income, which excludes $93 million in restructuring costs and a $47 million gain on sale of a building. Full Year Fiscal 2024 Current FY24 Outlook Prior FY24 Outlook FY23 Results Net sales Up 1.5% to 2.0% on a 52-week basis Up slightly on a 52-week basis $14.9 billion 1 Gross margin Approximately 220 bps expansion Approximately 200 bps expansion 38.8 % Operating expense Approximately $5.1 billion Approximately $5.1 billion $5.17 billion (adjusted) 2 Operating income Mid to High 60% growth range Mid to High 50% growth range $606 million (adjusted) 3 Effective tax rate Approximately 26.5% Approximately 28% 9.7 % Capital expenditures Approximately $500 million Approximately $500 million $420 million 1 Fiscal year 2023 consisted of 53 weeks and the extra week drove approximately $160 million of incremental sales. 2 Fiscal year 2023 adjusted operating expense of $5.17 billion excludes $89 million in restructuring costs and a $47 million gain on sale. 3 Fiscal year 2023 adjusted operating income of $606 million excludes $93 million in restructuring costs and a $47 million gain on sale. Webcast and Conference Call Information Whitney Notaro , Head of Investor Relations at Gap Inc., will host a conference call to review the company's third quarter fiscal 2024 results beginning at approximately 2:00 p.m. Pacific Time today. Ms. Notaro will be joined by President and Chief Executive Officer, Richard Dickson and Chief Financial Officer, Katrina O'Connell . A live webcast of the conference call and accompanying materials will be available online at investors.gapinc.com . A replay of the webcast will be available at the same location. Non-GAAP Disclosure This press release and related conference call include financial measures that have not been calculated in accordance with U.S. generally accepted accounting principles (GAAP) and are therefore referred to as non-GAAP financial measures. The non-GAAP measures described below are intended to provide investors with additional useful information about the company's financial performance, to enhance the overall understanding of its past performance and future prospects, and to allow for greater transparency with respect to important metrics used by management for financial and operating decision-making. The company presents these non-GAAP financial measures to assist investors in seeing its financial performance from management's view and because it believes they provide an additional tool for investors to use in computing the company's core financial performance over multiple periods with other companies in its industry. Additional information regarding the intended use of non-GAAP measures included in this press release and related conference call is provided in the tables to this press release. The non-GAAP measures included in this press release and related conference call are adjusted operating expense/adjusted SG&A, adjusted operating income, adjusted operating margin, adjusted diluted earnings per share, and free cash flow. These non-GAAP measures exclude the impact of certain items that are set forth in the tables to this press release. In addition, the company's outlook includes projected full year fiscal 2024 operating income growth compared to its full year fiscal 2023 adjusted operating income. The non-GAAP measures used by the company should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP and may not be the same as similarly titled measures used by other companies due to possible differences in method and in items or events being adjusted. The company urges investors to review the reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures included in the tables to this press release below, and not to rely on any single financial measure to evaluate its business. The non-GAAP financial measures used by the company have limitations in their usefulness to investors because they have no standardized meaning prescribed by GAAP and are not prepared under any comprehensive set of accounting rules or principles. Forward-Looking Statements This press release and related conference call and accompanying materials contain forward-looking statements within the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. All statements other than those that are purely historical are forward-looking statements. Words such as "expect," "anticipate," "believe," "estimate," "intend," "plan," "project," and similar expressions also identify forward-looking statements. Forward-looking statements include statements regarding the following: becoming a high performing company; unlocking Gap Inc.'s potential; our four strategic priorities, including maintaining and delivering financial and operational rigor, the reinvigoration of our brands, strengthening our operating platform, and energizing our culture; driving relevance and revenue by executing on our brand reinvigoration playbook; expectations for Old Navy for the holiday season; accelerating Old Navy's presence in the Active category; Old Navy's holiday activations and product; reigniting Gap brand's leadership in trend-right products and creative expression through big ideas and culturally relevant messaging; reestablishing Banana Republic to thrive in the premium lifestyle space; evolving Banana Republic's assortment and fit; continuing to fix the fundamentals at Banana Republic; Banana Republic's holiday product; Athleta's trajectory; Athleta's holiday product; enhancing Athleta's in-store and online experiences; driving high-performance across our teams; executing with excellence; Gap Inc.'s positioning going into the holiday season; expectations for our full year performance; expected year-end inventory levels; expected full year fiscal 2024 net sales; the expected impact of the loss of the 53rd week on full year fiscal 2024 net sales; expected fourth quarter fiscal 2024 net sales; the expected impacts of the loss of the 53rd week and the weekly calendar shift on fourth quarter fiscal 2024 net sales; expected full year fiscal 2024 gross margin; the expected impacts of commodity costs and better inventory management on full year fiscal 2024 gross margin; expected full year fiscal 2024 ROD; expected fourth quarter fiscal 2024 gross margin; the expected impact of the loss of the 53rd week on fourth quarter fiscal 2024 gross margin; expected full year fiscal 2024 SG&A/operating expense; continuing cost discipline and unlocking more efficiencies in the business; expected full year fiscal 2024 operating income; expected full year fiscal 2024 effective tax rate; expected full year fiscal 2024 capital expenditures; generating sustainable, profitable growth and delivering long-term shareholder value; and our dividend policy. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause our actual results to differ materially from those in the forward-looking statements. These factors include, without limitation, the following risks, any of which could have an adverse effect on our business, financial condition, results of operations, or reputation: the overall global economic and geopolitical environment, including the ongoing Russia - Ukraine and Israel-Hamas conflicts and recent elections in the United States , and impacts on consumer spending patterns; social and political unrest in our sourcing countries, including Bangladesh , and disruptions to global trade and shipping capacity, including in the Red Sea; the risk that we or our franchisees may be unsuccessful in gauging apparel trends and changing consumer preferences or responding with sufficient lead time; the highly competitive nature of our business in the United States and internationally; the risk that we may be unable to manage our inventory effectively and the resulting impact on our gross margins and sales; the risk that our investments in customer, digital, and omni-channel shopping initiatives may not deliver the results we anticipate; the risk that we fail to maintain, enhance, and protect our brand image and reputation; the risk of loss or theft of assets, including inventory shortage; the risk that we fail to manage key executive succession and retention or continue to attract qualified personnel; reductions in income and cash flow from our credit card arrangement related to our private label and co-branded credit cards; the risk that changes in our business strategy or restructuring our operations may not generate the intended benefits or projected cost savings; the risk that trade matters could increase the cost or reduce the supply of apparel available to us; the risks to our business, including our costs and global supply chain, associated with global sourcing and manufacturing; the risks to our reputation or operations associated with importing merchandise from foreign countries, including failure of our vendors to adhere to our Code of Vendor Conduct; the risk that we or our franchisees may be unsuccessful in identifying, negotiating, and securing new store locations and renewing, modifying, or terminating leases for existing store locations effectively; engaging in or seeking to engage in strategic transactions that are subject to various risks and uncertainties; the risk that our efforts to expand internationally may not be successful; the risk that our franchisees and licensees could impair the value of our brands; the risk of data or other security breaches or vulnerabilities that may result in increased costs, violations of law, significant legal and financial exposure, and a loss of confidence in our security measures; the risk that failures of, or updates or changes to, our IT systems may disrupt our operations; the risk that our comparable sales and margins may experience fluctuations, that we may fail to meet financial market expectations, or that the seasonality of our business may experience fluctuations; the risk of foreign currency exchange rate fluctuations; the risk that our level of indebtedness may impact our ability to operate and expand our business; the risk that we and our subsidiaries may be unable to meet our obligations under our indebtedness agreements; the risk that changes in our credit profile or deterioration in market conditions may limit our access to the capital markets; natural disasters, public health crises (such as pandemics and epidemics), political crises (such as the ongoing Russia - Ukraine and Israel-Hamas conflicts), negative global climate patterns, or other catastrophic events; evolving regulations and expectations with respect to ESG matters, including climate reporting; the adverse effects of climate change on our operations and those of our franchisees, vendors, and other business partners; our failure to comply with applicable laws and regulations and changes in the regulatory or administrative landscape; the risk that we will not be successful in defending various proceedings, lawsuits, disputes, and claims; the risk that our estimates and assumptions used when preparing our financial information are inaccurate or may change; the risk that changes in the geographic mix and level of income or losses, the expected or actual outcome of audits, changes in deferred tax valuation allowances, and new legislation could impact our effective tax rate, or that we may be required to pay amounts in excess of established tax liabilities; the risk that changes in our business structure, our performance or our industry could result in reductions in our pre-tax income or utilization of existing tax carryforwards in future periods, and require additional deferred tax valuation allowances; the risk that the adoption of new accounting pronouncements will impact future results; and the risk that additional information may arise during our close process or as a result of subsequent events that would require us to make adjustments to our financial information. Additional information regarding factors that could cause results to differ can be found in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 19, 2024 , as well as our subsequent filings with the Securities and Exchange Commission. These forward-looking statements are based on information as of November 21, 2024 . We assume no obligation to publicly update or revise our forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. About Gap Inc. Gap Inc., a house of iconic brands, is the largest specialty apparel company in America. Its Old Navy , Gap , Banana Republic , and Athleta brands offer clothing, accessories, and lifestyle products for men, women and children. Since 1969, Gap Inc. has created products and experiences that shape culture, while doing right by employees, communities and the planet. Gap Inc. products are available worldwide through company-operated stores, franchise stores, and e-commerce sites. Fiscal year 2023 net sales were $14.9 billion . For more information, please visit www.gapinc.com . Investor Relations Contact: Nina Bari Investor_relations@gap.com Media Relations Contact: Megan Foote Press@gap.com The Gap, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS UNAUDITED ($ in millions) November 2, 2024 October 28, 2023 ASSETS Current assets: Cash and cash equivalents $ 1,969 $ 1,351 Short-term investments 250 — Merchandise inventory 2,331 2,377 Other current assets 580 646 Total current assets 5,130 4,374 Property and equipment, net of accumulated depreciation 2,546 2,552 Operating lease assets 3,217 3,200 Other long-term assets 960 926 Total assets $ 11,853 $ 11,052 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 1,523 $ 1,433 Accrued expenses and other current liabilities 1,135 1,078 Current portion of operating lease liabilities 617 604 Income taxes payable 50 24 Total current liabilities 3,325 3,139 Long-term liabilities: Long-term debt 1,489 1,488 Long-term operating lease liabilities 3,360 3,456 Other long-term liabilities 544 509 Total long-term liabilities 5,393 5,453 Total stockholders' equity 3,135 2,460 Total liabilities and stockholders' equity $ 11,853 $ 11,052 The Gap, Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS UNAUDITED 13 Weeks Ended 39 Weeks Ended ($ and shares in millions except per share amounts) November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023 Net sales $ 3,829 $ 3,767 $ 10,937 $ 10,591 Cost of goods sold and occupancy expenses 2,194 2,211 6,322 6,488 Gross profit 1,635 1,556 4,615 4,103 Operating expenses 1,280 1,306 3,762 3,757 Operating income 355 250 853 346 Interest, net (6) — (12) 8 Income before income taxes 361 250 865 338 Income tax expense 87 32 227 21 Net income $ 274 $ 218 $ 638 $ 317 Weighted-average number of shares - basic 377 371 376 369 Weighted-average number of shares - diluted 383 375 383 373 Earnings per share - basic $ 0.73 $ 0.59 $ 1.70 $ 0.86 Earnings per share - diluted $ 0.72 $ 0.58 $ 1.67 $ 0.85 The Gap, Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED 39 Weeks Ended ($ in millions) November 2, 2024 (a) October 28, 2023 (a) Cash flows from operating activities: Net income $ 638 $ 317 Depreciation and amortization 371 394 Gain on sale of building — (47) Change in merchandise inventory (344) (5) Change in accounts payable 156 133 Other, net
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Nationalism has emerged as a potent force shaping global tech policy, nowhere more so than in the United States. With Donald Trump returning to the White House for a second term, his vision for America's technological future is coming into sharper focus. At home, Mr Trump promises a sweeping deregulatory agenda coupled with industrial policy aimed at boosting domestic tech businesses. Abroad, his administration appears poised to double down on aggressive restrictions aimed at keeping American technology out of China's hands. Yet Mr Trump's grand vision to "make America great again" overlooks a crucial detail: the cycle of innovation matters hugely for technological progress. The path the US is charting risks fostering a tech ecosystem dominated by mediocre products, like attention-grabbing social media apps, while failing to nurture the kind of transformative inventions that drive productivity and long-term economic growth. Joseph Schumpeter, the renowned Austrian economist who popularised the term "creative destruction", identified three key stages of the process. First, there's innovation -- a breakthrough idea or method. In the realm of artificial intelligence, this stage includes the development of neural networks, which laid the foundation for deep learning and, more recently, the transformer architecture that has powered the rise of generative AI. Then comes the stage of commercialisation, when disruptive ideas evolve into market-ready products. This is where tools like ChatGPT -- applications built on large language models (LLMs) -- emerge and become accessible to everyday consumers. Finally, there's diffusion, the phase when the novel technology becomes pervasive, reshaping industries and daily life. So far, discussions of tech regulation have tended to focus on the later stages of this process, which bring immediate economic benefits, often overlooking the early stage of invention. It is true that regulations to ensure safety, guarantee data privacy, and protect intellectual property can raise adoption costs and slow down product rollouts. But these guardrails are less likely to stifle innovation at the invention stage, where creative ideas take shape. Of course, the prospect of discovering the next commercial blockbuster -- something like ChatGPT -- may indeed spur future invention, and widespread adoption can also help refine these technologies. But such feedback is likely to be very limited for most products. Consider the case of Character.AI, a company that developed a popular companion chatbot. While the product has certainly contributed to the diffusion of LLM-based services, it has done little to spur invention. Recently, the company even abandoned its plans to build its own LLM, signalling that its focus remains firmly on diffusion rather than groundbreaking invention. In such cases, regulations ensuring that innovations are safe, ethical and responsible by the time they reach the market would most likely deliver benefits outweighing the costs. The recent tragedy of a 14-year-old boy who took his own life after prolonged interactions with Character.AI's chatbot underscores the urgent need for safeguards, especially when such services are easily accessible to young users. Lax tech regulation also carries a hidden cost: it can shift resources away from scientific discovery, favouring quick profits through mass diffusion instead. This dynamic has fuelled the proliferation of addictive social-media apps that now dominate the market, leaving behind a trail of societal ills -- everything from teenage addiction to deepening political polarisation. In recent years, a growing chorus of academics and policymakers has sounded the alarm over the systemic dysfunction of the US tech sector. Yet, despite the high drama of congressional hearings with Big Tech CEOs and a cascade of bills promising comprehensive reforms, the results have been disappointing. So far, the federal government's highest-profile effort to rein in Big Tech has centred on TikTok -- in the form of a bill that would either ban the app outright or force its Chinese owners to divest. In the realm of data privacy, the most significant measure so far has been an executive orderrestricting the flow of bulk sensitive data to "countries of concern", China chief among them. Meanwhile, US authorities have increasingly directed their scrutiny inward to root out espionage. The now-infamous China Initiative, which disproportionately targeted ethnic Chinese scientists, has stoked fear and prompted a talent exodus from the US. Compounding this is a broad visa ban on Chinese students and researchers associated with China's "military-civil fusion" programme. While ostensibly aimed at protecting national security, the policy has driven away countless skilled individuals. This brings us to the paradox at the heart of US tech policy: simultaneous under- and overregulation. On one hand, US policymakers have failed to implement essential safeguards for product safety and data privacy – areas where thoughtful oversight could mitigate risks while fostering a competitive environment conducive to cutting-edge innovation. On the other hand, they have adopted an aggressive, even punitive, stance towards US-based researchers at the forefront of scientific discovery, effectively regulating invention itself. The irony could not be starker: in its bid to outcompete China, America risks stifling its own potential for the next breakthrough technology. ©2024 Project Syndicate S Alex Yang is Professor of Management Science and Operations at London Business School. Angela Huyue Zhang, Professor of Law at the University of Southern California, is the author, most recently, of 'High Wire: How China Regulates Big Tech and Governs Its Economy'(Oxford University Press, 2024).Automotive Headlamp Lens Cover Market Drivers, Key Companies and Future Scope