Two of the biggest names in digital payments are ripping in opposite directions Friday morning, with the buy-now-pay-later cluster trading on unrelated single-name catalysts rather than a common thread.
Marvell drops after so-so earnings fail to wow investors, while PayPal slumps after a report says its takeover may be off.
Reports of a takeover offer have propped up PayPal's stock in recent months, but now the company may have to execute a turnaround on its own.
PayPal stock suffered a sharp reversal in premarket trading after Stripe and Advent abandoned their much hyped bid to acquire the company. PYPL fell to $53, a decline of nearly 15% from its high this month.
Traders on Polymarket, the cryptocurrency-based prediction market, have all but abandoned bets that Stripe will buy any part of PayPal Holdings Inc (NASDAQ:PYPL, XETRA:2PP) this year. The contract asking whether Stripe will acquire any part of PayPal in 2026 has slumped to a 10% implied probability, down from a peak of around 70% reached during the summer.
PayPal stock was diving on a report that takeover talks have ended but there is still reason for optimism.
After enjoying a 5.40% climb to its latest closing price of $61.47 over the last 30 days of trading, PayPal (NASDAQ: PYPL) stock suffered a sudden and steep reversal in the night between Thursday and Friday, August 28.
Shares in PayPal fell more than 15% premarket to $52.50 a share.
Paypal (PYPL) reported earnings 30 days ago. What's next for the stock?
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