Today’s Market Movers: PayPal Tanks on Failed Buyout, Elastic and Affirm Surge on Strong Earnings

TLDR

• PayPal shares fell around 13-15% after Stripe and Advent International abandoned a $50B+ acquisition bid
• Elastic surged over 18-21% after beating earnings and raising its full-year outlook
• Affirm jumped 9% on strong quarterly results and an upbeat fiscal 2027 forecast
• Marvell fell around 7-8% despite beating earnings, as investors wanted a bigger beat
• Rubrik dropped 8% even after reporting strong revenue growth and raising guidance

Friday’s stock market opened on a mixed note, with investors keeping a close eye on Federal Reserve Chair Kevin Warsh’s keynote at the Jackson Hole symposium. Uncertainty around U.S.-Iran negotiations and pressure in energy markets also weighed on sentiment heading into the open.

PayPal was the session’s biggest loser. Shares dropped around 13-15% after Bloomberg reported that payments company Stripe and private equity firm Advent International walked away from a deal to acquire the fintech giant. The consortium had offered more than $50 billion for PayPal, which would have been one of the largest leveraged buyouts on record.

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