Why Gap (GPS) Stock Is Higher In Pre-Market Trading Today

NEW YORK (TheStreet) -- Shares of The Gap Inc. (GPS) are higher by 2.71% to $44.35 in pre-market trading on Friday, after the company announced its 2014 second quarter net income increased to $332 million, or 75 cents per diluted share, from $303 million, or 64 cents per share for the same period last year.

Watch the video below for more on Gap's latest quarterly results:


WATCH: More market update videos on TheStreet TV

The global specialty apparel company said net sales for the most recent quarter rose 3% to $3.98 billion, compared to $3.86 billion for the 2013 second quarter.

Additionally, Gap was upgraded to "buy" from "neutral" at Janney Montgomery this morning, as the firm believes the company is a "best in class" operator and the softline sector is showing improvements.
Stocks TO Buy: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn More.

GPS Chart GPS data by YCharts

EXCLUSIVE OFFER: See inside Jim Cramer's multi-million dollar charitable trust portfolio to see the stocks he and Stephanie Link think could be potentially HUGE winners. Click here to see the holdings for FREE

More from Markets

Week Ahead: Trade Fears and Stress Tests Signal More Volatility To Come

Week Ahead: Trade Fears and Stress Tests Signal More Volatility To Come

Trump Takes Aim at Auto Imports; Markets End Mixed -- ICYMI

Trump Takes Aim at Auto Imports; Markets End Mixed -- ICYMI

Video: What Oprah's Content Partnership With Apple Means for the Rest of Tech

Video: What Oprah's Content Partnership With Apple Means for the Rest of Tech

REPLAY: Jim Cramer on the Markets, Oil, Starbucks, Tesla, Okta and Red Hat

REPLAY: Jim Cramer on the Markets, Oil, Starbucks, Tesla, Okta and Red Hat

Flashback Friday: The Market Movers

Flashback Friday: The Market Movers