Gap Now Down Almost 18%

The Gap Inc. GPS shares are plunging today, losing more than 17% to $19.21, a loss of $4.08 after the clothing retailer severely cut its annual guidance for the rest of 2011. The company lowered its 2011 guidance to $1.40 to $1.50 per share, well below the $1.88 per share that the company was projecting earlier in the year.