Gap (GPS) reports Q1 2020 net loss, shares fall

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Gap Inc.’s first-quarter sales fell 43%, the clothing maker reporter Thursday, as its stores were shut for much of the period due to the coronavirus pandemic. 

Chief Executive Sonia Syngal said in a statement that sales continued to decline into May, after the first quarter ended, but the retailer had online growth of more than 100% during the month. 

As of Thursday, more than 1,500 stores are back open for business in North America, Syngal said, which is about 55% of the company’s base and is ahead of schedule. Gap is planning to have most of its stores reopened this

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Lancet retracts Covid-19 paper that raised safety concerns about drugs

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A pharmacy tech holds a bottle and a pill of Hydroxychloroquine at Rock Canyon Pharmacy in Provo, Utah, on May 20, 2020.

George Frey | Getty Images

The Lancet, one of the world’s top medical journals, on Thursday retracted an influential study that raised alarms about the safety of the experimental Covid-19 treatments chloroquine and hydroxychloroquine amid scrutiny of the data underlying the paper.

The retraction came at the request of the authors of the study, published last month, who were not directly involved with the data collection and sources, the journal said.

“We can no longer vouch for the

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Tech is the new ‘safe haven,’ and the semi trade is on: Paul Meeks

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Investor Paul Meeks sees record upside in technology stocks.

Meeks, who’s known for running the world’s largest tech fund during the dot-com bubble, reveals he’s just as passionate now — and he’s making a big bet on semiconductors.

“We’re now seeing tech as not only the obvious upside winner, but believe it or not despite what had been perceived as volatility, a place that is a relatively safe haven even on market down days,” the portfolio manager at Independent Solutions Wealth Management told CNBC’s “Trading Nation” on Thursday. “That’s new, and I think that’s pretty interesting.”

It’s a significant shift

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What to watch for in May’s health care jobs numbers

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A view outside Bellevue hospital during the coronavirus pandemic on May 1, 2020 in New York City.

Noam Galai | Getty Images

As hospitals, physician practices and dental offices have reopened for non-emergency care over the last month, it seems a good bet that health-care workers furloughed during March and April will be among those most likely to be recalled by their employers, but the May jobs numbers on Friday may not show much of a snap-back. 

“We expect the education and health services industries to recover quicker than will the overall labor market this year,” analysts at Moody’s Investors

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