Premarket Stock Movements: PayPal Shares Drop Amid Buyout Rumors; Affirm and Gap Rise on Earnings and Leadership News
In premarket trading, several stocks experienced significant movements based on earnings reports, leadership changes, or deal speculation. PayPal shares fell nearly 16% after Bloomberg reported that Advent International and Stripe had decided not to pursue a potential buyout of the company, which would have been one of the largest leveraged buyouts in recent years. Affirm Holdings saw its stock rise over 13%, driven by better-than-expected Q4 revenue of $1.17 billion compared to an LSEG estimate of $1.11 billion and strong first-quarter guidance. Gap shares surged nearly 15% after announcing a leadership change at Old Navy, with Michael Francis set to replace Haio Barbeito as CEO in November. Elastic N.V., Marvell Technology, Rubrik, and Autodesk also saw notable movements based on earnings reports or forecasts that either exceeded or fell short of expectations.
Tickers: $ADSK $AFRM $ESTC $MRVL $PYPL $RBRK
Topics: earnings report executive change stock price movement