Speaker 1: Bloomberg Audio Studios. Podcasts. Radio. News. The Stock Movers Report.
Speaker 1: Your roundup of companies making moves in the stock market.
Speaker 1: Harnessing the power of Bloomberg data. It is time for
Speaker 1: John Tucker to shine. with his stock movers here today.
Speaker 1: Is anything moving, John?
Speaker 2: There's actually a lot moving. Remember this one? We were
Speaker 2: talking about this earlier this year. It was potentially one
Speaker 2: of the biggest leverage buyouts ever. Now it looks like
Speaker 2: we're going to have to go it alone. A consortium
Speaker 2: led by Stripe and the private equity firm Advent International
Speaker 2: abandoning plans to acquire PayPal. PayPal really taking it on
Speaker 2: the chin this morning. Earlier this year, you'll remember they
Speaker 2: had teamed up. They came up with an acquisition offer
Speaker 2: of $ 60. 50 a share. That would have valued PayPal at
Speaker 2: more than $ 53 billion. Founded in, what, the late 1990s,
Speaker 2: PayPal was an early mover in the digital payments and
Speaker 2: has since struggled with modernizing the payment technologies. You have
Speaker 2: Apple and Alphabet seizing a lot of the market share
Speaker 2: in that space. They ousted the former chief executive officer,
Speaker 2: Alec Criss, earlier this year. They replaced him with Enrique Loris,
Speaker 2: who took over the role in March. Now, he has
Speaker 2: said he's going to set specific financial goals for PayPal,
Speaker 2: change how the payments company reports earnings, and assign each
Speaker 2: line of business a specific revenue target to try and
Speaker 2: give investors a better sense of the potential for PayPal.
Speaker 2: I think about whenever I buy something online, the first
Speaker 2: option is always Apple Pay. The second option is always
Speaker 2: Google Pay.
Speaker 1: And then PayPal is like the third, even though, as
Speaker 1: you said, it's the pioneer. It was the first mover here.
Speaker 2: And thus, you have just underscored the problems facing this company.
Speaker 1: And if somebody doesn't have the Apple Pay option when
Speaker 1: I'm buying something, it ain't happening.
Speaker 2: It's just not happening. They're not getting paid. I thought
Speaker 2: you used cash for everything.
Speaker 1: I do use cash, and I do have a lot.
Speaker 2: Oh, here it comes, Scarlett.
Speaker 1: I know. I've seen this. A lot of leads in cash.
Speaker 1: But Apple Pay is just the best. And if somebody
Speaker 1: doesn't have it, they're just not getting paid.
Speaker 2: All right. Marvell posting a moderate beat and raising its
Speaker 2: guidance for the shares. Fell. Investors want more. Actually, they're
Speaker 2: remaining focused on Marvel's partnership with Google. And the big
Speaker 2: impact of this deal, they said in their earnings report,
Speaker 2: won't be seen until fiscal year 2029's results and beyond.
Speaker 2: That feels like.
Speaker 1: Forever from now.
Speaker 2: Yeah, that's a lot farther than everybody had hoped for.
Speaker 2: The company did post revenue of $ 2. 5 billion in the
Speaker 2: second quarter. That was in line with expectations. They also
Speaker 2: said they're raising guidance for revenue in 2027 and 2028.
Speaker 2: Shares have soared, actually, since the start of this year,
Speaker 2: more than 180%. Let's do Gap. Jumping those shares, they
Speaker 2: named a retail industry veteran to head Old Navy. Old
Speaker 2: Navy's been kind of struggling. Michael Francis worked 26 years
Speaker 2: at Target and also 10 years at Walmart. He's going
Speaker 2: to take over as the CEO of Old Navy on
Speaker 2: November 2nd. So this appointment follows a 4% sales decline
Speaker 2: last quarter at Old Navy stores. As for the earnings,
Speaker 2: Gap did trim the upper range of its outlook for
Speaker 2: 2026 net sales. Also cut the forecast for Old Navy's
Speaker 2: comp sales. The company raised its full-year outlook for earnings
Speaker 2: per share. The new guy, Francis, known as a marketing
Speaker 2: guru for the industry. You'll remember he helped. He was
Speaker 2: a target. He helped helm their what we called cheap
Speaker 2: chic popularity during.
Speaker 1: When it was Target.
Speaker 2: During the 2000s. The big box retailer at Walmart, when
Speaker 2: he was there, they rolled out designer collaborations.
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