Today’s Top Stories: PayPal Takeover Collapses, Marvell Falls and Gap Surges on Earnings
TLDR
- PayPal fell around 12% after takeover talks with Advent International and Stripe collapsed
- Marvell dropped over 8% despite raising forecasts, as AI chip revenue pushed to fiscal 2029
- Gap surged after raising full-year profit outlook and naming a new Old Navy CEO
- Fed Chair Kevin Warsh raised the chance of a September rate hike to around 55%
- Broadcom is now the next major test for AI infrastructure confidence
Wall Street ended the week with a mix of deal drama, earnings reactions, retail momentum and a hawkish Federal Reserve signal.
PayPal Drops After Deal Collapses
PayPal fell around 12% after reports emerged that a consortium led by Advent International and Stripe abandoned its attempt to buy the payments company.
The group had reportedly discussed an offer of around $60.50 per share, valuing PayPal at more than $53 billion.
Financing complications and regulatory concerns reportedly contributed to the deal falling apart.
With the takeover premium now gone, pressure is back on PayPal management to show the company can grow and improve profitability on its own.
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