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Gap and Old Navy have been trending in opposite directions for years. So they're finally splitting up.Gap said Thursday that it would break into two companies. One of the companies will contain Old Navy, while the other yet-to-be-named business, currently called NewCo, will comprise Gap, Banana Republic and other brands, including Athleta and Hill City.The move is designed to allow Old Navy — which has grown to billion in annual sales since it opened its first store in 1994 — to expand on its own. Meanwhile, the company can consolidate its older brands like Gap and Banana with its newer ones like Athleta and Hill City. NewCo will have about billion in annual sales."We think the best way for each company to grow and meet the evolving needs of our customers is to allow them to pursue tailored strategies separately," Gap CEO Art Peck told analysts Thursday. Peck will lead NewCo. Sonia Syngal, CEO of Old Navy, will keep running that company.Wall Street cheered the decision: Gap stock was up 25% in after-hours trading.The separation is a tale of two vastly different businesses: Old Navy has thrived in recent years, and sales at stores open at least a year grew 3% in 2018. Meanwhile, the Gap has struggled — its sales fell 5% last year. Banana Republic has been closing stores, which has helped the company improve sales."Old Navy continues to outpace Gap brand and Banana Republic, and is one the fastest-growing major apparel brands," said Christina Boni, analyst at Moody's.The Gap, which was founded in 1969, used to be the coolest brand in retail: It rode the mall boom in the back half of the 20th century, and its logoed sweatshirts and turtlenecks won over everyone from teens to moms and celebrities like Sharon Stone.But the brand fell out of touch with the Baby Boomers who grew up on the brand, and it failed to attract the Millennials who drive fashion trends today. Retailers such as Levi's, Target and fast-fashion sellers H&M and Zara lured away Gap's denim shoppers with cheaper prices and trendier styles.The company has been talking for a while about how to make the Gap a healthy part of the business again. In November, Peck described Gap's store count as unprofitable. As of the end of last quarter, there were 1,242 Gap stores worldwide. 758 of them were in North America.On Thursday, the company said it will close 230 Gap stores over the next two years as part of its plan to "revitalize" the Gap brand. The closures will affect "specialty" Gap stores, which includes mall-based stores.Most of those stores will be in North America, Peck told analysts Thursday. Chief financial officer Teri Stoll added that the company focused on stores that were not delivering, were in the "wrong locations" or were not a "strategic fit."About 130 of those closures will happen this year, according to Gap. The company also plans to open Old Navy and Athleta locations. Athleta, which will be part of the new Gap company, is a women's athleisure chain that has been a success. Hill City launched last year as Gap's men's athleisure brand.Gap thinks it will save between 0 million and 0 million before taxes over the next two years because of its closure plans, according to a securities filing. It expects to finish splitting the companies in 2020.But some analysts questioned why promising brands such as Athleta and Hill City were included in NewCo with the struggling Gap brand."This could have been an opportunity for a fresh start for Gap," said Bob Phibbs, CEO of consultancy Retail Doctor. "It's simply putting the NewCo brands though the ringer for another cycle of rinse and repeat."The-CNN-Wire? & ? 2019 Cable News Network, Inc., a Time Warner Company. All rights reserved. 3771

Houston, we have a cookie.Astronauts aboard the International Space Station will be able to attempt baking for the first time as a spacecraft carrying a zero-gravity oven and some cookie dough arrived Monday.The 224

If President Donald Trump invokes a "national emergency" at the US border and uses emergency powers to bypass Congress and obtain funding to build his long-promised border wall, a battle in the courts over the questionable legality of spending those dollars would be virtually guaranteed.But the United States is no stranger to national emergencies.In fact, the US has been in a perpetual state of declared national emergency for four decades, and the country is currently under 31 concurrent states of emergency about a spectrum of international issues around the globe, according to a CNN review of documents from the Congressional Research Service and the Federal Register.The federal government is well into its third week of a partial shutdown over funding for the President's wall along the border with Mexico. The White House and Democrats in Congress are locked at an impasse: Trump is demanding .6 billion, while House Democrats have vowed not to give him a dollar."I may declare a national emergency dependent on what's going to happen over the next few days," Trump told reporters on Sunday morning, floating using the National Emergencies Act of 1974 to activate special power during a crisis.House Intelligence Committee chairman Adam Schiff told CNN's Jake Tapper on "State of the Union" that Trump doesn't have the authority to do so. "If Harry Truman couldn't nationalize the steel industry during wartime, this President doesn't have the power to declare an emergency and build a multibillion-dollar wall on the border. So, that's a nonstarter."But acting White House chief of staff Mick Mulvaney defended the possibility: "I'm actually heavily involved with it and have been working with all of the Cabinet secretaries to try and find money that we can legally use to defend the southern border," he said on the same program. "Presidents have authority to defend the nation."Not all national emergency declarations are so controversial. Trump has already issued three national emergency declarations during his tenure, most prominently a national emergency meant to punish foreign actors who interfere in American elections, though the move garnered bipartisan criticism for not going far enough. He's also invoked emergency powers to slap sanctions on human rights abusers around the globe and on members of the Nicaraguan government amid corruption and violent protests there.Here's a full list of the 31 active national emergencies under the National Emergencies Act, dating back to the Carter administration:1. Blocking Iranian Government Property (Nov. 14, 1979)2. Proliferation of Weapons of Mass Destruction (Nov. 14, 1994)3. Prohibiting Transactions with Terrorists Who Threaten to Disrupt the Middle East Peace Process (January 23, 1995)4. Prohibiting Certain Transactions with Respect to the Development of Iranian Petroleum Resources (March 15, 1995)5. Blocking Assets and Prohibiting Transactions with Significant Narcotics Traffickers (October 21, 1995)6. Regulations of the Anchorage and Movement of Vessels with Respect to Cuba (March 1, 1996)7. Blocking Sudanese Government Property and Prohibiting Transactions with Sudan (November 3, 1997)8. Blocking Property of Persons Who Threaten International Stabilization Efforts in the Western Balkans (June 26, 2001)9. Continuation of Export Control Regulations (August 17, 2001)10. Declaration of National Emergency by Reason of Certain Terrorist Attacks (September 14, 2001)11. Blocking Property and Prohibiting Transactions with Persons who Commit, Threaten to Commit, or Support Terrorism (September 23, 2001)12. Blocking Property of Persons Undermining Democratic Processes or Institutions in Zimbabwe (March 6, 2003)13. Protecting the Development Fund for Iraq and Certain Other Property in Which Iraq has an Interest (May 22, 2003)14. Blocking Property of Certain Persons and Prohibiting the Export of Certain Goods to Syria (May 11, 2004)15. Blocking Property of Certain Persons Undermining Democratic Processes or Institutions in Belarus (June 16, 2006)16. Blocking Property of Certain Persons Contributing to the Conflict in the Democratic Republic of the Congo (October 27, 2006)17. Blocking Property of Persons Undermining the Sovereignty of Lebanon or Its Democratic Processes and Institutions (August 1, 2007)18. Continuing Certain Restrictions with Respect to North Korea and North Korean Nationals (June 26, 2008)19. Blocking Property of Certain Persons Contributing to the Conflict in Somalia (April 12, 2010)20. Blocking Property and Prohibiting Certain Transactions Related to Libya (February 25, 2011)21. Blocking Property of Transnational Criminal Organizations (July 25, 2011)22. Blocking Property of Persons Threatening the Peace, Security, or Stability of Yemen (May 16, 2012)23. Blocking Property of Certain Persons Contributing to the Situation in Ukraine (March 6, 2014)24. Blocking Property of Certain Persons With Respect to South Sudan (April 3, 2014)25. Blocking Property of Certain Persons Contributing to the Conflict in the Central African Republic (May 12, 2014)26. Blocking Property and Suspending Entry of Certain Persons Contributing to the Situation in Venezuela (March 9, 2015)27. Blocking the Property of Certain Persons Engaging in Significant Malicious Cyber-Enabled Activities (April 1, 2015)28. Blocking Property of Certain Persons Contributing to the Situation in Burundi (November 23, 2015)29. Blocking the Property of Persons Involved in Serious Human Rights Abuse or Corruption (December 20, 2017)30. Imposing Certain Sanctions in the Event of Foreign Interference in a United States Election (September 12, 2018)31. Blocking Property of Certain Persons Contributing to the Situation in Nicaragua (November 27, 2018) 5757

Flash flooding was prompting rescues from homes and cars Thursday morning in the Philadelphia area, including southern New Jersey, where high water also closed parts of Interstate 295 for hours.The flooding is part of the same system that 251