PayPal stock climbed after the e-commerce firm reported mixed June-quarter financial results and added $15 billion to its stock repurchase program. Read More...
Reuters
PayPal shares jump on Elliot’s $2 billion stake, annual profit guidance raise
PayPal’s shares shot up nearly 12% after market close, on the back of Elliot becoming one of its largest shareholders and the company raising its adjusted profit expectations to between $3.87 and $3.97 per share for the year, up from its previous forecast of $3.81 and $3.93. PayPal, which was among companies that won big during the pandemic, saw shares wipe out over 70% of their market value in a year as e-commerce growth retreated from pandemic-era records. “Investors may view additional business challenges as supportive for the activist’s ability to drive change at PayPal, which could help put a floor under the shares,” said Jason Benowitz, senior portfolio manager at Roose Investments.
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