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PayPal Slides After Advent, Stripe Drop Takeover Pursuit; Affirm, Gap Rally on Earnings and Leadership News

PayPal shares fell sharply after reports that Advent International and Stripe abandoned their takeover pursuit, while Affirm jumped on strong earnings and Gap rose on a new Old Navy CEO announcement. Other movers included Elastic, Marvell Technology, Rubrik, and Autodesk.

By Tertius News AI Desk 2 outlets · 2 distinct · 2 articles Version 1 Coverage Aug 28, 2026 Published 1h ago

PayPal Drops as Advent, Stripe Walk Away

PayPal shares plunged nearly 16% in premarket trading after Bloomberg reported, citing people familiar with the matter, that buyout firm Advent International and payment processor Stripe decided not to pursue the company. The deal would have been one of the largest leveraged buyouts, according to the sources. The Motley Fool reported that PayPal closed at $53.66, down 12.71%, and that trading volume reached 35.9 million shares, about 124% above its three-month average of 16.0 million shares. PayPal went public in 2015 and has grown 46% since then.

Affirm Soars on Strong Revenue

Affirm, the buy now, pay later company, jumped 13% after reporting $1.17 billion in revenue for the fiscal fourth quarter, topping an LSEG estimate of $1.11 billion. The company's first-quarter revenue guidance also came in above estimates.

Gap Rallies on New Old Navy CEO

Gap shares popped nearly 15% after the company announced that Michael Francis will take the helm at Old Navy starting Nov. 2. He succeeds Haio Barbeito, who has been CEO since 2022. Gap's adjusted earnings for the second quarter topped estimates, coming in at 52 cents per share versus the LSEG consensus of 48 cents.

Other Notable Movers

Elastic N.V. shares jumped over 17% after the data analytics company's full-year guidance topped analysts' expectations. The company sees adjusted earnings per share in a range of $3.29 to $3.37, while analysts polled by LSEG were looking for $3.24 per share.

Marvell Technology shares dropped nearly 8% after the company called for current-quarter adjusted earnings of $1.10 per share, plus or minus 5 cents, versus the analysts' estimate of $1.07 per share. The company also sees non-GAAP gross margin for the period in a range of 57.5% to 58.5%, compared to the StreetAccount consensus of 58.5%.

Rubrik shares dropped over 5% after reporting non-GAAP gross margin of 81% for the second quarter, versus the 81.7% StreetAccount consensus. The company beat on the top and bottom lines, with adjusted earnings of 20 cents per share on $427 million in revenue, compared to estimates of 4 cents and $396 million.

Autodesk shares also dropped, nearly 4%, after its earnings projections failed to beat estimates. The company sees adjusted earnings per share ranging from $3.04 to $3.09 in the third quarter, while analysts looked for $3.14 per share.

Market Context

The broader market also declined, with the S&P 500 falling 0.27% to 7,710 and the Nasdaq Composite losing 0.52% to 26,402, as reported by The Motley Fool. Among global payments peers, Fiserv closed at $53.18, up 1.14%, following its earlier-this-month guidance cut.

Investor Perspective

The Motley Fool noted that PayPal still trades at 7.5 times free cash flow and that the company's high-growth days are in the rearview mirror. The publication expressed confidence in holding its shares, pointing to the value of the PayPal and Venmo brands relative to the $46 billion market cap PayPal currently commands.

How each outlet told it

A framing line is our reading of that outlet's own text — an interpretation, not a quotation and not a fact we assert. Check it against what the outlet published.

CNBC as of Aug 28, 2026, 1:00 PM UTC

Framing: Our reading The headline lists stock tickers and describes the article as covering companies making the biggest moves in premarket trading. — neutral/informational

Facts Included:

PayPal shares plunged nearly 16% after Bloomberg reported that Advent and Stripe decided not to pursue PayPal.
Affirm shares jumped 13% after reporting $1.17 billion in revenue for the fiscal fourth quarter, topping an LSEG estimate of $1.11 billion.
Gap shares popped nearly 15% after announcing Michael Francis will take the helm at Old Navy starting Nov. 2.
Gap's adjusted earnings for the second quarter topped estimates at 52 cents per share versus the LSEG consensus of 48 cents.
Elastic N.V. shares jumped over 17% after full-year guidance topped analysts' expectations.
Elastic sees adjusted earnings per share in a range of $3.29 to $3.37, while analysts looked for $3.24 per share.
Marvell Technology shares dropped nearly 8% after calling for current quarter adjusted earnings of $1.10 per share, plus or minus 5 cents, versus analysts' $1.07 per share estimate.
Marvell also sees non-GAAP gross margin in a range of 57.5% to 58.5%, compared to StreetAccount consensus of 58.5%.
Rubrik shares dropped over 5% after reporting non-GAAP gross margin of 81% versus the 81.7% StreetAccount consensus.
Rubrik beat on the top and bottom lines, with adjusted earnings of 20 cents per share on $427 million in revenue, versus estimates of 4 cents and $396 million.
Autodesk shares dropped nearly 4% after its earnings projections failed to beat estimates.
Autodesk sees adjusted earnings per share ranging from $3.04 to $3.09 in the third quarter, while analysts looked for $3.14 per share.
CNBC's Alex Harring and Darla Mercado contributed reporting.

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The Motley Fool as of Aug 28, 2026, 11:00 PM UTC

Framing: Our reading Focuses on the stock's sharp drop and the specific cause (Stripe and Advent abandoning the takeover). — Analytical and mildly defensive, with a first-person investor perspective that is reassuring about holding the stock.

Facts Included:

PayPal Holdings (PYPL -12.71%) closed at $53.66, down 12.71%.
Stripe and Advent abandoned their reported roughly $50 billion takeover.
Trading volume reached 35.9M shares, about 124% above its three-month average of 16.0M shares.
PayPal IPO'd in 2015 and has grown 46% since going public.
The S&P 500 fell 0.27% to 7,710.
The Nasdaq Composite lost 0.52% to 26,402.
Fiserv closed at $53.18, up 1.14%, after its earlier-this-month guidance cut.
PayPal's market cap is around $46 billion, according to the article's reference to 'the $46 billion market cap PYPL currently commands.'

Read the source article →

What was claimed, and who backed it

AI-extracted; can misattribute a claim — see Methodology.

Each row is one claim, attributed to the outlet whose wording states it most clearly. Confidence rates how directly the source text states the claim — explicit and unhedged rates high; hedged, pieced-together, or internally inconsistent statements rate lower. It does not measure whether the claim is true. Status counts the distinct outlets we found asserting it — so a single-source claim can still show high confidence, and a multi-source claim can show medium. Every one of those outlets is named beside the status, so you can check the count against the list. For claims extracted before we began storing that list, the row says so: it names the outlet the claim is quoted from and states that we have not recorded which outlets backed it. Outlets wrote at different times, so a figure that evolves — a casualty count, for example — can legitimately differ between rows; check the "as of" time next to each claim's source.

Claim	Confidence	Status
ClaimPayPal Holdings closed at $53.66, down 12.71%.	ConfidenceHigh	StatusSingle-source via The Motley Fool as of Aug 28, 2026, 11:00 PM UTC
ClaimShares of PayPal plunged nearly 16% after Bloomberg reported that buyout firm Advent International and payment processor Stripe decided not to pursue PayPal.	ConfidenceMedium	StatusSingle-source via CNBC as of Aug 28, 2026, 1:00 PM UTC
ClaimAdvent International and Stripe abandoned their reported $50 billion takeover pursuit of PayPal.	ConfidenceMedium	StatusMulti-source (2 outlets · 2 distinct) via The Motley Fool as of Aug 28, 2026, 11:00 PM UTC, CNBC as of Aug 28, 2026, 1:00 PM UTC
ClaimPayPal's trading volume reached 35.9 million shares, about 124% above its three-month average of 16.0 million shares.	ConfidenceHigh	StatusSingle-source via The Motley Fool as of Aug 28, 2026, 11:00 PM UTC
ClaimPayPal Holdings IPO'd in 2015 and has grown 46% since going public.	ConfidenceHigh	StatusSingle-source via The Motley Fool as of Aug 28, 2026, 11:00 PM UTC
ClaimThe S&P 500 fell 0.27% to 7,710.	ConfidenceHigh	StatusSingle-source via The Motley Fool as of Aug 28, 2026, 11:00 PM UTC
ClaimThe Nasdaq Composite lost 0.52% to 26,402.	ConfidenceHigh	StatusSingle-source via The Motley Fool as of Aug 28, 2026, 11:00 PM UTC

Transparency & Audit Trail

2 outlets · 2 distinct · 2 articles consulted: CNBC, The Motley Fool 7 claims extracted Version 1 Written 2026-08-28