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PayPal Plunges on Report of Abandoned Buyout; Elastic and Affirm Soar on Earnings
Shares of PayPal Holdings (PYPL) plunged in Friday trading following reports that a potential acquisition had been abandoned, while strong earnings reports fueled significant rallies for software firms Elastic (ESTC) and Affirm Holdings (AFRM).
Corporate News Drives Major Divergence
The most significant decliner among large-cap stocks was PayPal (PYPL), which tumbled -11.36%. The sharp drop came after Investing.com reported that private equity firm Advent and payments company Stripe were no longer pursuing a potential $50 billion acquisition of the company.
In contrast, several companies saw their shares surge on positive financial results. Mid-cap software firm Elastic (ESTC) was a top performer, soaring +17.39% after reporting a strong first-quarter earnings beat and providing an upbeat outlook. Similarly, buy-now-pay-later provider Affirm Holdings (AFRM) jumped +9.23% on the back of an earnings beat and strong forward-looking guidance.
PagerDuty (PD) also rose +10.77% after the cloud computing company's second-quarter estimates surpassed analyst expectations.
Tech and Cybersecurity Stocks Under Pressure
AdSeveral major technology and cybersecurity firms faced significant selling pressure. Semiconductor company Marvell Technology Group (MRVL) saw its shares fall -6.89%.
The cybersecurity sector also experienced a broad downturn. Crowdstrike Holdings (CRWD) declined by -7.1%, while competitor Palo Alto Networks (PANW) saw its stock drop -5.95%. Other notable tech losers included software firm Autodesk (ADSK), which was down -4.0%.
Other Notable Market Movers
- BioNTech (BNTX): The biotechnology firm's shares fell -8.41%, making it one of the day's notable large-cap decliners.
- Alibaba (BABA): The Chinese e-commerce giant bucked the negative trend among many mega-cap tech stocks, with its shares gaining +2.19%.
- Iris Energy (IREN): The bitcoin mining company saw its stock price decrease by -8.96%.
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