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Gap Bulls Are Getting Thrashed After Dreadful July Sales

Gap (GPS) had a rough end to another tough-to-stomach quarter.

Shares of the struggling apparel retailer plunged as much as 6% in after-hours trading on Monday after the company said same-store sales in July dropped 4%, worse than than the 2% gain seen in June. For the second quarter, Gap's same-store sales fell 2%. Shares are currently down 4.4% to $24.50.

Gap did, however, estimate that second-quarter earnings excluding one-time items will be in a range of 58 cents to 59 cents a share...