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.
Speaker 2: Let's take a look at some of the stocks on
Speaker 2: the move today.
Speaker 1: We can do that with Avalon Purnell, equities reporter for
Speaker 1: Bloomberg News. Avalon, what are you looking at these days?
Speaker 2: We have to start off with BioNTech. That is ticker BNTX.
Speaker 2: Those ADRs currently slumping about 7.3%. Most intraday since March.
Speaker 2: And that's after the biotech discontinued a mid-stage trial of
Speaker 2: its personalized cancer vaccine to treat colorectal cancer. This news
Speaker 2: is also sending shares of Merck and Moderna lower, despite
Speaker 2: them actually having positive data earlier this month for their
Speaker 2: personalized vaccine to treat skin cancer. And, I mean, we've
Speaker 2: been seeing many of these companies just becoming household names
Speaker 2: during the pandemic and now trying to find new ways
Speaker 2: to monetize this technology. BMO actually noting that the trial
Speaker 2: termination obviously is a clear setback. However, they're highlighting that
Speaker 2: investors are definitely going to be raising questions about whether
Speaker 2: this vaccine-induced immune responses can actually prevent the recurrence of cancer.
Speaker 2: And that is definitely going to be a big question
Speaker 2: going forward.
Speaker 1: Wow.
Speaker 2: What else are you looking at, Avalon? PayPal, that's ticker P-Y-P-L,
Speaker 2: currently dropping about 12% most intraday since February. And that's
Speaker 2: after Bloomberg exclusively reports that a consortium, a buyout firm, Advent,
Speaker 2: and also Stripe, decided to abandon its pursuit of the
Speaker 2: fintech firm. The group previously offering more than $ 50 billion
Speaker 2: for PayPal, according to those people familiar. KBW actually noting
Speaker 2: that it isn't too surprising that PayPal decided to pass,
Speaker 2: given they probably wanted to get the company for a
Speaker 2: fairly cheap valuation. But that analyst still continues to see
Speaker 2: PayPal as an attractive M & A target that we
Speaker 2: should keep in mind for PayPal. the next couple of months.
Speaker 1: Yeah, I just didn't see these buyers as really that
Speaker 1: credible given the market cap here we were talking about.
Speaker 2: Okay, one more.
Speaker 1: Gap.
Speaker 2: That's ticker Gap. Got it. Currently soaring about 14% most
Speaker 2: intraday since 2024. And that's after the clothing retailer boosted
Speaker 2: its profit and adjusted gross margin outlooks for the year.
Speaker 2: The company also named an industry vet to head up
Speaker 2: Old Navy, which is spurring a lot of positive sentiment
Speaker 2: across the street as well. Barclays highlighting that the second
Speaker 2: quarter results already show Gap's brand momentum and also some
Speaker 2: sequential improvement at Old Navy. Worth noting that we've been
Speaker 2: seeing a lot of them leaning into the celebrity and
Speaker 2: influencer advertising in recent quarters with Cardi B being the
Speaker 2: head of Old Navy's denim campaign and also popular musicians
Speaker 2: like Cat's Eye and Young Miko sporting Gap products as
Speaker 2: well in their music videos. So definitely something we're going
Speaker 2: to be keeping an eye on as they try to
Speaker 2: lean further into the Gen Z.
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