Put Options on GPS on 4/23/2018

The Gap, Inc. (GPS) operates as an apparel retail company worldwide.

The company offers apparel, accessories, and personal care products for men, women, and children under the Old Navy, Gap, Banana Republic, Athleta, and Intermix brands.

Its products include denim, tees, button-downs, khakis, and other products; and fitness and lifestyle products for use in yoga, training, sports, travel, and everyday activities to women and girls.

The company offers its products through company-operated stores, franchise stores, Websites, third-party arrangements, and catalogs. It has franchise agreements with unaffiliated franchisees to operate Old Navy, Gap, and Banana Republic stores in Asia, Europe, Latin America, the Middle East, and Africa.

As of February 3, 2018, the company had 3,165 company-operated stores; and 429 franchise stores, as well as e-commerce sites. Shares have sold off recently due to poor same-store sales and earnings. In fact, shares are trading below their 200-day moving average (shown in brown). We expect shares to continue to decline.

We will trade May 19th Put options

52-Weeks Trading Range: $21.02 - $35.68

Last Trade: $28.44

Trade Buy 1 May $29.00 Put at $1.35 For a net debit of $1.35 Profit/Loss Analysis Breakeven at $27.65 Maximum profit is unbounded Maximum loss is ($135.00) at strike of $29.00 Closing Summary Sold 1 May $29.00 Put at $0.00

Position closed on 5/18/2018 at price of $0.00 with a -100.00% loss in 25 days.

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