eBay (EBAY) rallies as GameStop (GME) launches bold $56B takeover attempt. (00:14) Spirit Airlines (FLYYQ) nears completion of passenger refunds after weekend shutdown. (01:22) A2 Milk (ACOPF) recalls U.S. infant formula batches after toxin detection. (02:49)
This is an abridged transcript.
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GameStop (GME) has submitted a non-binding proposal to acquire 100% of eBay (EBAY) at $125 per share in cash and stock.
GameStop (GME), valued at nearly $12B, said Sunday it has built a 5% economic stake in eBay through derivatives and direct ownership of common shares.
eBay’s market cap stands at about $46B. The offer represents a 46% premium to eBay’s closing price on February 4, the day GameStop started accumulating its position in eBay (EBAY).
The proposed offer of $125 per share is comprised of 50% cash and 50% GameStop common stock.
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The cash consideration is expected to be funded from a combination of (i) cash and liquid investments on GameStop’s balance sheet, which totaled ~$9.4B as of January 31, 2026, and (ii) third-party acquisition financing, in respect of which GameStop has received a highly-confident letter from TD Securities for up to $20B.
One topic that has been consistently trending this weekend is Spirit Airlines (FLYYQ).
A government bailout didn’t workout so the company officially began to wind down operations on Saturday, May 2.
Spirit’s (FLYYQ) collapse followed two bankruptcy filings in two years, repeated cost-cutting efforts and unsuccessful attempts to secure new financing. Rising jet fuel prices tied to the Iran conflict accelerated the carrier’s cash burn and helped force the shutdown.
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All flights were cancelled and if you had a flight you were told not to go to the airport. If you were already at the airport, social media is full of videos showing stranded passengers scrambling trying to figure out what to do next.
You would think the story ends there because this isn’t the first airline to crumble. But it doesn’t.
Let’s buy spirit or Let’s buy spirit air started on social media when an aviation enthusiast Hunter Peterson proposed buying the company. He says it started as a joke but he may be on to something. So far, more than $88M has been pledged on the site.
Spirit Airlines (FLYYQ) said Sunday it has nearly finished issuing refunds to passengers and transporting crew members back to their home bases after halting operations over the weekend.
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The carrier said most travelers who purchased tickets using credit or debit cards had received refunds by Saturday evening, with only a small share of transactions still being finalized.
Spirit (FLYYQ) also said the last remaining group of roughly 1,500 crew members made it back to their home base.
A New Zealand-based company is recalling certain infant formula products sold in the United States after batches were found to contain cereulide, a toxin associated with sudden nausea and vomiting.
a2 Milk (ACOPF) (ACOPY) said Monday in Wellington that three batches of a2 Platinum formula made for the U.S. market are affected. Manufacturer Synlait Milk identified the toxin, prompting the recall, which began May 1. The action applies only to the United States and does not affect China, the company’s largest and most profitable market.
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The company said it has received no confirmed reports of infant illness or injuries linked to the affected product.
Shares of a2 Milk (ACOPF) (ACOPY) fell as much as 7.3% to NZ$8.25 in Wellington trading.
The recall covers three batches totaling 63,078 tins, of which an estimated 16,428 were sold to consumers.
IBM’s (IBM) four-day IBM Think will begin. The flagship enterprise tech conference will be focused on agentic AI, with sessions and demos focused on how companies can redesign operations with AI at the core to drive ROI, productivity, and growth.
The three-day Milken Global Conference will include panels featuring the CEOs from Gap (GAP), Constellation Energy (CEG), and PayPal (PYPL).
Shareholders with both Devon Energy (DVN) and Coterra Energy (CTRA) will vote on the pending merger between the companies.
Stock index futures are mixed as investors continue to monitor any developments related to the U.S.-Iran conflict.
President Trump said the United States will begin helping some neutral vessels stranded in the Persian Gulf transit the Strait of Hormuz starting Monday.
Trump also said U.S. officials are holding “very positive discussions” with Iran that could result in something “very positive for all,” though he did not elaborate.
Crude oil is up 0.9% at $102. Bitcoin is up 1.5% at $79,000. Gold is down 0.7% at $4,580.
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The FTSE 100 is down 0.1% and the DAX is little changed. China’s (SHCOMP) market closed for a holiday.
Economic calendar:
10:00 am Factory Orders
Editor’s Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.
Gary Gastelu interviews Ford COO Jim Farley about the newly revealed Ford Broncos
Ford Motor Company on Wednesday issued a critical “Do Not Drive” advisory and safety recall for 4,653 vehicles, encompassing certain 2021-2026 Bronco Sport and 2022-2026 Maverick models.
The recall, which was internally approved May 19, addresses a potential manufacturing defect originating at the vehicle assembly plant, where the front lower control arm ball joints may have been incorrectly installed or repaired, according to the National Highway Traffic Safety Administration (NHTSA).
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Officials said the manufacturing defect “may result in loss of vehicle control while driving, increasing the risk of [a] crash,” according to Ford’s official Safety Recall Report to the NHTSA.
A model year 2025 Ford Bronco Sport. (Ford Motor Co. / Fox News)
Because of the risk, Ford strongly advised owners to stop driving the vehicles immediately until an inspection and necessary repairs are completed.
The affected population includes 2,357 Mavericks and 2,296 Bronco Sports.
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NHTSA documents show the financial burden of resolving the defect will be entirely absorbed by Ford, while auto dealers face strict federal compliance measures. Dealerships are mandated to immediately halt the demonstration, sale or delivery of any affected new vehicles in their inventory.
2022 Ford Maverick Hybrid XLT and 2L-EcoBoost AWD Lariat. Preproduction vehicle with optional equipment shown. Available fall 2021. (Ford)
Violating the federal stop-sale requirement could result in severe civil penalties of up to $27,168 per vehicle.
To minimize the impact on consumers, Ford is covering all costs associated with the repairs, according to the NHTSA.
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Dealerships are authorized to claim up to $250 per vehicle for towing services, with some participating dealers offering dispatched technicians to perform mobile inspections at customers’ locations.
FILE – Ford Motor Co. signage is displayed outside of a dealership as the General Motors Co. (GM) headquarters building stands in the distance in Detroit, Michigan, U.S., on Monday, April 1, 2013. (Jeff Kowalsky/Bloomberg via Getty Images / Getty Images)
If a vehicle requires parts replacement, Ford is pre-approving the cost of rental vehicles for up to 30 days.
The company has also implemented a reimbursement plan for owners who may have already paid out-of-pocket to repair the suspension issue, NHTSA officials said. Customers are eligible for a refund as long as the prior repair was performed before June 19, 2026.
PagerDuty, Inc. (PD) Bank of America 2026 Global Technology Conference June 2, 2026 5:00 PM EDT
Company Participants
Jennifer Tejada – Executive Chair of the Board John DiLullo – CEO & Director
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Conference Call Participants
Koji Ikeda – BofA Securities, Research Division
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Presentation
Koji Ikeda BofA Securities, Research Division
Hi, everybody. My name is Koji Ikeda. I am one of the software analysts here at Bank of America on the research side. I am thrilled to have Jennifer Tejada, Executive Chair.
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Jennifer Tejada Executive Chair of the Board
Yes.
Koji Ikeda BofA Securities, Research Division
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It’s the right title now, John Duo.
John DiLullo CEO & Director
DiLullo.
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Koji Ikeda BofA Securities, Research Division
DiLullo, who is the new CEO of PagerDuty. Thanks so much for doing this. Super appreciate it. So there is a CEO succession plan going on here. .
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Question-and-Answer Session
Koji Ikeda BofA Securities, Research Division
I guess first question, maybe to Jen, why did you feel now is the right time to make this succession? And then, John, I’m going to ask you a couple of questions.
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Jennifer Tejada Executive Chair of the Board
Yes. Thank you for the question. Well, now is the right time because of really two things. One, we felt that we’ve stabilized the retention — some of the retention challenges that we’ve seen in the business. And we’re starting to see growth levers accelerate. So whether you look at 5 consecutive quarters of more than 600 new logos, starting to see some of the green shoots that we’re seeing through our pricing transition going from a seat-based pricing model to a platform and usage-based pricing model, things in the business were starting to really point in a positive direction. And that gave the Board and I comfort provided we could find a great leader that we felt would be the right person to lead the company
The Fast Eddys site in Perth CBD has been earmarked for a seven-storey development, with a $10 million plan lodged seven years after the 24-hour restaurant closed.
I’m a full-time investor focused on special situations and opportunistic ideas across the public equity markets. My capital is concentrated in a small number of names at any given time. I’d rather own eight to fifteen high-conviction positions than a diversified basket, and I typically hold through multi-quarter or multi-year time horizons rather than trading around short-term price action. Special situations are where I spend most of my research time: spinoffs, post-bankruptcy equities, recapitalizations, activist setups, complex capital structures, forced-seller dynamics, and underfollowed micro- and small-caps where the market is mispricing fundamentals or asymmetrically discounting future cash flows. I’m drawn to ideas where there’s a clear catalyst, where the bear case is well understood, and where information asymmetry creates a window before the broader market catches up. Sector-wise, I gravitate toward companies riding durable secular tailwinds, defense and the broader national-security supply chain, AI infrastructure (the picks-and-shovels layer more than the pure-play LLM names), space and dual-use technology, and digital transformation in legacy industries. The screen is strong unit economics, high incremental returns on invested capital, defensible moats, and management with meaningful skin in the game.
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