on Monday that immediately suspends the state's remaining Covid-19 public health restrictions. New York, New Jersey and Connecticut will begin lifting most of the states' capacity restrictions starting on May 19. This means businesses like restaurants and gyms will be able to fully open their doors again.
New York Governor Andrew Cuomo's plan accelerates the timeline that New York Mayor Bill de Blasio laid on Thursday, which had set a July 1 date for a full reopening. Jefferies analyst Stephanie Wissink said in a Sunday note to clients that apparel spending is poised to benefit from pent-up demand and new fashion trends coming out of the health crisis. Citing data from NPD Group, Wissink noted that 47.5% of consumers in the U.S. are planning to purchase apparel in the next 60 to 90 days.
Gap also saw a lot of activity in its $35 call options, which are set to expire in May. Call options give investors the right, but not an obligation, to buy shares at a specific price by a stated time. The company is set to report first-quarter earnings on May 20, Gap shares have risen more than 75% since the start of the year, as the company embarks on a turnaround effort. The retailer has been closing stores of its slower growing brands Gap and Banana Republic