PayPal, Marvell Technology, and Gap See Significant Premarket Movement

AI-generated context summary requested by a Free News Reader user. Sourced via Gemini from publicly available information — no paywalled content was accessed.

You hit a paywall. Here’s the context on this topic based on publicly available information. We did not access any paywalled content. View original article.

PayPal, Marvell Technology, and Gap See Significant Premarket Movement

Full Summary — powered by AI

PayPal’s stock experienced a sharp decline of over 14% in premarket trading on Friday, August 28, 2026, after a reported acquisition bid by a consortium including Stripe and Advent International was abandoned. The proposed offer, which would have valued PayPal at over $53 billion at $60.50 per share, was reportedly deemed insufficient by PayPal’s board. This news reversed a summer rally for PayPal shares, which had climbed approximately 50% from their June lows following the initial disclosure of the bid in mid-July. The payments company, which was an investor favorite during the pandemic, has faced increased competition from rivals like Apple Pay and Google.

Marvell Technology also saw its shares fall by 7.5% in premarket trading on Friday, August 28, 2026. This occurred despite the semiconductor company reporting second-quarter fiscal 2027 revenue of $2.5 billion, which met analyst expectations, and raising its revenue guidance for 2027 and 2028 to $12 billion and $18 billion, respectively. Investors, however, were reportedly looking for more immediate growth impact from Marvell’s partnership with Alphabet’s Google on custom chips, with management indicating the “big impact” wouldn’t be seen until fiscal year 2029 and beyond. Analysts from Cantor and Morgan Stanley noted that expectations were high for the Google partnership, and more details are anticipated at Marvell’s upcoming analyst day in October.

In contrast, Gap Inc. shares surged over 13% in premarket trading on Friday, August 28, 2026. This increase followed the company’s better-than-expected second-quarter earnings report, which was driven by improved pricing. Gap also raised its full-year EPS guidance. The retailer announced the appointment of Michael Francis as the new CEO of its largest brand, Old Navy, aiming to revitalize the division which has faced challenges in recent quarters. Old Navy had reported its first comparable sales decline in 12 quarters, down 4%.

Affirm Holdings Inc. shares rose 12.8% in premarket trading on Friday, August 28, 2026, after the company reported strong quarterly financial results. Affirm posted record second-quarter revenue of $2.74 billion, a 37% year-over-year increase, and non-GAAP earnings of $0.94 per share, exceeding Wall Street expectations. The company also provided an upbeat outlook for fiscal year 2027, with anticipated gross merchandise volume (GMV) of more than $64 billion and an adjusted operating margin exceeding 30.5%. Needham raised its price target for Affirm to $100 from $90, maintaining a Buy rating, citing impressive revenue growth and strong credit performance.

Generated by Free News Reader. This summary provides topic context based on publicly available information. We encourage supporting quality journalism by subscribing to the original publisher.