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  Barrons.com

  Gap’s Yearly Revenue Falls 5%, but Stock Pops on Earnings Beat

  Gap saw another year of soft sales, but the company showed it is making headway on improving profitability as it barreled through fourth-quarter earnings expectations. Gap posted earnings of 49 cents a share for its fiscal fourth quarter, which ended in February. Profitability got a boost from better gross margins, which increased 5.3 percentage points compared with the year-ago quarter, thanks to lower commodity costs and fewer markdowns, Gap said.

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  Associated Press Finance

  Biden to call in State of the Union for business tax hikes, middle class tax cuts and lower deficits

  President Joe Biden is going into Thursday's State of the Union address with an expanded plan to raise corporate taxes and use the proceeds to trim budget deficits and cut taxes for the middle class. The Democratic president in this election year is refining the economic agenda that he’s been pushing since the 2020 presidential race, trying to show that he is addressing voters’ concerns about the cost of living. With Republican control of the House, Biden’s agenda is unlikely to become law and serves as something of a sales pitch to voters.

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  Barrons.com

  Costco Beats on Earnings, but Revenue Falls Short.

  Costco Wholesale topped earnings expectations, but the stock fell in after-hour trading Thursday following the company’s rare revenue miss. Costco’s stock fell 4.4% to $751 Thursday afternoon. When it comes to Costco Wholesale’s earnings, it is typically steady as she goes, but the latest results could be a little different.

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  Zacks

  Do These 2 Stocks Belong in the Magnificent 7?

  The group's performance as a whole has been remarkable over the last year, leading the market. But two of the members have seen their shares slack, raising questions surrounding their status in the elite club. Should they be kicked out?

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  Investor's Business Daily

  Costco Stock Tumbles Off High After Mixed Earnings, Abercrombie Deepens Slide

  Costco issued a mixed earnings report for its fiscal second quarter late Thursday. Costco stock set a new high ahead of the report, but tumbled in extended trading. Among other retail stocks, Abercrombie & Fitch guided high Wednesday after beating lofty expectations for the fourth quarter.

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  Reuters

  Broadcom revenue beats estimates as AI powers demand, shares fall

  (Reuters) -Tech conglomerate Broadcom beat market estimates for first-quarter revenue on Thursday, as cloud providers continue to upgrade data centers to support artificial intelligence, helping drive demand for its advanced networking chips. Smaller rival Marvell Technology's stock slumped 10% after it forecast revenue below market expectations, hurt by weak demand for its custom chips used in artificial intelligence applications. Broadcom did not update its annual revenue forecast of $50 billion, which still falls just shy of expectations, likely disappointing investors.