Photo: Justin Sullivan/Getty Images

Gap Inc. is scrapping its plan to spin out Old Navy into a standalone public company, it announced on Thursday.

Why it matters: Gap had initially decided to split up the businesses after struggling to balance the successful Old Navy retailer with the rest of its brands.

What they're saying:

“While the objectives of the separation remain relevant, our board of directors has concluded that the cost and complexity of splitting into two companies, combined with softer business performance, limited our ability to create appropriate value from separation.”
— Robert Fisher, interim Gap Inc. CEO and president

What to watch:

  • Neil Fiske, CEO and president of the Gap retailer, will leave the company.
  • Gap Inc.'s stock price shot up to $20.60 after the company announced the news.

Go deeper: Gap will split into two companies, leaving Old Navy to stand alone

Go deeper

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Disney announces partnership and documentary series with Colin Kaepernick

Photo: Carmen Mandato/Getty Images

The Walt Disney Company announced Monday that ESPN Films will produce an exclusive docuseries on political activist and former NFL player Colin Kaepernick as part of a larger deal with Kaepernick's production arm RA Vision Media.

Driving the news: Former ESPN personality Jemele Hill tweeted that she'll be serving as a producer on the docuseries, after leaving the network two years ago following a dramatic falling out in 2018. At the time, Hill's outspoken tweets about President Trump put the network in the crosshairs of a polarizing debate over race and politics.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

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  2. U.S.: Total confirmed cases as of 12 p.m. ET: 2,897,613 — Total deaths: 129,953 — Total recoveries: 906,763 — Total tested: 35,512,916Map.
  3. Public health: Case growth outpacing testing in hotspots — Medical community urges public to wear masks.
  4. States: Texas hospitals in danger of being overwhelmed amid surge.
  5. Politics: Meadows says Trump "is right" to claim 99% of coronavirus cases are "harmless."

Court orders temporary shutdown of Dakota Access Pipeline

Protesters against the Dakota Access Pipeline in San Francisco in 2017. Photo: Joel Angel Juarez/Anadolu Agency/Getty Images

A federal judge ordered Monday the shutdown of the Dakota Access Pipeline — a project at the heart of battles over oil-and-gas infrastructure — while the U.S. Army Corps of Engineers conducts a new environmental analysis.

Why it matters: The latest twist in the years-long fight over the pipeline is a defeat for the White House agenda of advancing fossil fuel projects and a win for Native Americans and environmentalists who oppose the project