Midday Fly By: eBay rejects GameStop offer, Trian said to eye Wendy’s bid

The major averages were broadly lower near noon as semiconductor stocks pull back following a massive multi-week run. AI-driven enthusiasm pushed the S&P 500 and Nasdaq to fresh records yesterday, but investors are now confronting a harder macro backdrop than previously anticipated. Meanwhile, crude is back above $100 as hopes for a durable U.S.-Iran ceasefire continue to deteriorate, with President Trump describing negotiations as being “on life support.”

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.

1. STOCK NEWS:

• eBay’s (EBAY) board rejected GameStop’s (GME) non-binding acquisition proposal
• Under Armour (UAA) reported mostly in-line Q4 results and provided FY27 earnings guidance
• Activist investor Nelson Peltz’s Trian Fund Management is seeking investor backing for a bid to take Wendy’s (WEN) private, FT reports
• GoPro (GPRO) reported downbeat Q1 results and withdrew its FY26 guidance
• BuzzFeed (BZFD) announced a proposed majority investment by Byron Allen’s Family Office

2. WALL STREET CALLS:

• Lowe’s (LOW) upgraded to Buy at Citi
• Autodesk (ADSK) reinstated at Buy from Neutral at BofA
• Rothschild downgraded Toast (TOST) on risk from DoorDash (DASH) U.S. rollout
• ZoomInfo (GTM) downgraded to Underweight at Piper Sandler and to Neutral-equivalent ratings and several other firms
• Wall Street rolled out coverage of drone-maker Aevex (AVEX) after its recent IPO

3. AROUND THE WEB:

• Alphabet’s (GOOGL) YouTube is looking to connect creators with sponsors to secure funding for shows before they launch, NY Times reports
• SoftBank (SFTBY) is partnering with South Korea’s Cosmos Lab and DeltaX to mass produce next-gen data center batteries in Sakai, Japan at a scale of 1 GWh/year from FY27, Bloomberg reports
• Meanwhile, SoftBank is in talks over a massive data center project in France, Bloomberg says
• Boeing’s (BA) success hinges on its successor to the 737, Bloomberg says
• TikTok is making a final appeal to the Court of Justice of the European Union to overturn its designation as a gatekeeper under the EU’s Digital Markets Act, Reuters says

4. MOVERS:

• Zebra Technologies (ZBRA) rises after providing a “beat and raise” report for Q1
• SI-Bone (SIBN) higher after also providing a “beat and raise” report for Q1
• Gitlab (GTLB) falls after announcing a reduction in its workforce
• ZoomInfo (GTM) lower after reporting Q1 results and reiterated its FY26 outlook
• On Holdings (ONON) slips after reporting quarterly results

5. EARNINGS/GUIDANCE:

• Sea Limited (SE) reported lower-than-expected Q1 earnings
• Bayer (BAYRY) provided a “beat and raise” report for Q1
• Qnity Electronics (Q) also provided a “beat and raise” report for Q1
• Tencent Music (TME) reported a year-over-year increase in Q1 earnings
• Hims & Hers Health (HIMS) provided downbeat Q1 results but raised its FY26 revenue guidance

INDEXES:

Near midday, the Dow was down 0.31%, or 155.01, to 49,549.46, the Nasdaq was down 1.51%, or 397.13, to 25,877.00, and the S&P 500 was down 0.82%, or 60.98, to 7,351.86.