Gap plunges on earnings (GPS)

Gap is down almost 14% after missing its first-quarter earnings. 
The Gap brand continued to weigh on margins even as Old Navy and Athleta showed strong performance. 
Jefferies believes the company needs reduce exposure to the Gap brand at a faster pace and allocate capital to the Old Navy and Athleta brands instead. 
Watch Gap trade in real-time here.
Gap is down nearly 14% after reporting disappointing first-quarter results. The Gap brand weighed on company margins, distrac