Midday Fly By: GameStop offers to buy eBay, Norwegian reports mixed Q1

The major averages were broadly lower near noon following a geopolitical flare-up tied to the Strait of Hormuz, with conflicting headlines around a potential U.S.-Iran incident driving volatility. Iran’s Navy said it blocked “American-Zionist” warships from entering the Strait, according to state TV reports, while a separate dispatch from Fars said that two missiles struck a U.S. warship near Jask island after it ignored warnings. Neither of these reports has been independently confirmed, though U.S. Central Command wrote in a post on X that “no U.S. Navy ships have been struck.”

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

1. STOCK NEWS:

• GameStop (GME) has submitted a proposal to acquire eBay (EBAY) for $125 per share in cash and stock
• American Express Global Business Travel (GBTG) agreed to be acquired by Long Lake for $9.50 per share
• Norwegian Cruise Line (NCLH) reported mixed Q1 results and cut its FY26 earnings outlook
• Amazon (AMZN) announced the launch of Amazon Supply Chain Services
• Pinnacle West (PNW) reported Q1 results and reiterated its FY26 guidance

2. WALL STREET CALLS:

• Oppenheimer (GFS) upgraded to Overweight at Cantor Fitzgerald
• HSBC (AMD) to Hold on limited upside potential
• Alphabet (GOOGL) downgraded to Hold from Buy at Freedom Broker
• Prudential (PRU) downgraded to Underweight at Morgan Stanley

3. AROUND THE WEB:

• SoftBank-backed (SFTBY) Opay Digital has been working with Citigroup (C), Deutsche Bank (DB), and JPMorgan Chase (JPM) as the platform prepares for an IPO, Bloomberg reports
• As Asia further integrates into Nvidia’s (NVDA) AI business ecosystem, the list of Asian stocks benefitting from partnerships is getting longer, Bloomberg says
• United Airlines (UAL) hit a vehicle and light post on a nearby highway during its approach to Newark Liberty International Airport, Bloomberg reports
• Anthropic is nearing a deal with Blackstone (BX), Goldman Sachs (GS), and other Wall Street firms to form a $1.5B joint venture that would market AI tools to private equity-backed companies, WSJ says
• Meta (META) is facing a trial in New Mexico that could prompt a judge to order sweeping changes to how Facebook, Instagram, and WhatsApp operate, Reuters reports

4. MOVERS:

• Blaize (BZAI) gains after signing a strategic partnership agreement with Winmate
• AMC Entertainment (AMC) increases after announcing it saw 4.4M moveigoers at its theaters this weekend
• ProPetro Holding (PUMP) declines after announcing a proposed convertible senior notes offering
• Cogent (CCOI) lower after reporting Q1 results, with revenue missing consensus
• ADT Inc. (ADT) falls after announcing a 102M share offering

5. EARNINGS/GUIDANCE:

• Tyson Foods (TSN) reported Q2 results, with EPS and revenue beating consensus
• RLJ Lodging Trust (RLJ) reported Q1 results, with CEO Leslie Hale commenting, “We are pleased with our strong first quarter results”
• Berkshire Hathaway (BRK.A) reported Q1 results, with revenue higher year-over-year
• L.B. Foster (FSTR) reported Q1 results, with CEO John Kasel commenting, “We carried the favorable momentum generated at the end of 2025 into our first quarter”
• Twist Biosciences (TWST) reported Q2 results and raised its guidance for FY26

INDEXES:

Near midday, the Dow was down 0.85%, or 422.60, to 49,076.67, the Nasdaq was down 0.35%, or 87.08, to 25,027.36, and the S&P 500 was down 0.40%, or 29.11, to 7,202.05.