Affirm Holdings, Gap, Marvell Technology, and others. PayPal saw its shares drop nearly 16% after reports emerged that Advent and Stripe had decided not to move forward with a major acquisition deal—one that could have ranked among the largest leveraged buyouts in recent history. Affirm Holdings rose 13% after the company announced $1.17 billion in revenue for its fiscal fourth quarter,
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beating analysts' projections of $1.11 billion. Gap's stock climbed nearly 15% following the appointment of Michael Francis as the new CEO of Old Navy.
The company also posted second-quarter adjusted earnings of 52 cents per share, exceeding the expected 48 cents.