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Wall Street Breakfast Podcast: GameStop Adds eBay To Cart

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Wall Street Breakfast Podcast: GameStop Adds eBay To Cart

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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.

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Bessent warns Americans should be concerned about AI threats to bank accounts

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Catalyst watch:

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  • 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.

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Wendy Hopkins Family Law Practice marks 30 years as it continues to expand

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The Cardiff-based family law firm was established in 1996 with co-founder Mel Hamer with an appetite for sustained growth

Wendy Hopkins Family Law Practice directors Melanie Hamer, David James, Sarah Wyburn, Rebecca Knight, Sam John.

A leading family law firm is celebrating 30 years as it continues to expand. Cardiff-based Wendy Hopkins Family Law Practice was established as the first specialist family law firm in Wales, and one of the first in the UK, in May 1996.

It launched with just two partners, one paralegal and three secretaries – drawn from the family law team at the Cardiff office of Eversheds (now Eversheds Sutherland). The firm was then known as Wendy Hopkins & Co.

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Melanie Hamer, one of its original co-founders, along with the late Wendy Hopkins, is still with the firm today.

Director Ms Hamer said: “I was just 30 years old, newly married and was presented with this enormous opportunity by Eversheds. It was a risk, as with all new firms, but I felt at the time it was a manageable risk. I decided that I would give it three years and if it did not work, I could always get out and get a job. I had to borrow just £35,000 from the bank to co-finance the firm at the beginning.

Fast forward 30 years and the firm’s revenues have grown from £220,000 gross in its first year of trading to nearly £3m in its last financial year. The team has increased from six to 22.

READ MORE: The knowhow built up in Wales’ contact centre sector is an asset worth redirectingREAD MORE: Expansion for community-owned west Wales seaweed and shellfish farming venture

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Ms Hamer said: “We started on client number 100 because we did not want anybody to be client number 1 and for the outside world to think we didn’t have any clients. We are now on client number 13,365 meaning that over the last thirty years we have serviced 13,265 clients.

“I can’t quite believe my luck. I never set out with a big ambition or business plan to be one of the best family law firms in the UK. In the early days, I just hoped to make enough money to pay my mortgage.

“The success of the firm has exceeded all my wildest expectations, and I have great faith in my team that it will continue the great reputation of the firm for years to come, and we shall continue to punch above our weight, often attracting work from London as well as closer to Wales.”

The firm’s clients include high net worth individuals, celebrities, sports personalities and business owners. It recently acted on a case worth £77m.

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The firms’ ownership structure also evolved over the years. At launch the only option available was to be a partnership. As soon as it able to it became a limited liability partnership (LLP) and latterly a limited company. It has expanded from two partners to five directors and three shareholders. Originally operating out of rented office space at 26 Windsor Place, it now own occupies 10,000 sq ft of owned space at the 12 and 13 Windsor Place.

Melanie Hamer back in 1996.

On the success of the firm over the last 30 years, Ms Hamer said: “It is a combination of matters. We employ clever and conscientious people, and we make sure we look after them. From day one we have grown organically by taking lawyers on as paralegals and then in due course promoting them to trainee solicitor and then solicitor etc. Indeed, one of my shareholders and directors started as my trainee in the year 2000.

” Another director and shareholder started as a paralegal in 2011. The firm genuinely feels like a part of my extended family, and I care deeply about them all. I was also blessed with being in partnership until two years ago with one of my best friends, Thea Hughes, who retired in May 2024.

Ms Hamer, 60, says she no plans to retire. She added: “I still love my job, and I still feel that I do a good job, so as long as I continue to tick those boxes, then I see no reason to retire.”

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E15 debate gains traction as fuel costs rise

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E15 debate gains traction as fuel costs rise

Lawmakers weigh year-round sales as consumers face higher gasoline prices.

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Sigma Foods acquires smoked meats producer

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Sigma Foods acquires smoked meats producer

Roger Wood is the No. 1 smoked sausage company in the southeast United States, according to Sigma.  

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Earnings call transcript: FTI Consulting Q1 2026 misses EPS, revenue beats

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Celcuity Stock Soars 14% to $143 on Positive Phase 3 Breast Cancer Trial Data

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Celcuity Stock Soars 14% to $143 on Positive Phase 3

NEW YORK — Celcuity Inc. shares surged more than 13.8 percent to $143 in early trading Monday, May 4, 2026, after the clinical-stage oncology company announced that its Phase 3 VIKTORIA-1 trial met the primary endpoint with clinically meaningful improvement in progression-free survival for patients with PIK3CA-mutant advanced breast cancer. The positive topline results for gedatolisib sent the biotech stock to new highs and reignited investor enthusiasm for the company’s targeted therapy pipeline just weeks before a potential FDA submission.

Celcuity reported that both the gedatolisib triplet and doublet regimens demonstrated statistically significant and clinically meaningful improvement in progression-free survival compared to the control arm in the PIK3CA mutant cohort. The data, released late Friday, May 1, triggered a sharp after-hours rally that carried into Monday’s session. The company said the results support advancing toward a supplemental New Drug Application (sNDA) filing with the FDA, with a potential PDUFA target in July 2026.

The VIKTORIA-1 trial evaluated gedatolisib in combination with standard therapies for HR+/HER2- advanced breast cancer patients who had progressed after prior CDK4/6 inhibitor treatment. Gedatolisib, a first-in-class PI3K/mTOR inhibitor, targets a pathway frequently altered in breast cancer. Positive data in the PIK3CA mutant population — a subgroup with historically poorer outcomes — positions the drug as a potential new standard of care option in a market estimated to exceed $5 billion annually at peak.

Celcuity CEO Brian Sullivan called the results a “transformational milestone” for the company and patients. “These data demonstrate gedatolisib’s potential to meaningfully improve outcomes in a population with significant unmet need,” Sullivan said in the company’s release. The firm is now accelerating commercial launch preparations while advancing additional indications for the drug across multiple solid tumors.

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The stock reaction reflects high expectations. Celcuity has been on many biotech investors’ radars due to gedatolisib’s profile and its near-term regulatory timeline. Analysts have issued bullish price targets, with some projecting peak annual revenue exceeding $2.5 billion if the drug secures approval across multiple lines of therapy. Monday’s surge pushed the company’s market capitalization well above $6 billion.

The trial success comes at a pivotal time for Celcuity. The company has been advancing its precision medicine platform, which uses live tumor cell testing to identify patients most likely to benefit from targeted therapies. Gedatolisib represents the lead asset in this approach, and positive Phase 3 data significantly de-risks the program while strengthening its position ahead of potential partnership or commercialization discussions.

Broader market context amplified the move. Biotech stocks have shown renewed strength in 2026 amid improving regulatory sentiment and investor appetite for late-stage assets with clear paths to approval. Celcuity’s data stands out for its statistical robustness and clinical relevance in a competitive breast cancer landscape dominated by CDK4/6 inhibitors and antibody-drug conjugates.

Analysts reacted swiftly. Citizens initiated coverage with a Market Outperform rating and $150 price target earlier in the week, citing the drug’s potential. Other firms have highlighted the July 2026 PDUFA timeline as a key catalyst. While some caution remains around commercial execution and competition, the overall sentiment has turned increasingly bullish following the topline readout.

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For patients and physicians, the results offer hope for better options in later-line HR+/HER2- breast cancer. PIK3CA mutations occur in approximately 40 percent of cases, and effective targeted therapies have been limited. Gedatolisib’s mechanism and tolerability profile could fill an important gap if approved.

Celcuity has cash reserves to support operations through key milestones, including potential approval and launch. The company continues enrolling patients in additional trials exploring gedatolisib in other settings and tumor types, positioning it for potential label expansion in the years ahead.

As trading continued Monday morning, volume remained elevated and the stock held near session highs. The move underscores the biotech sector’s sensitivity to clinical data, where positive Phase 3 readouts can drive outsized gains even in a broader market environment focused on macro signals and Federal Reserve policy.

Looking forward, all eyes are on the full dataset presentation at an upcoming medical meeting and the company’s regulatory strategy. If the FDA accepts the filing with priority review, approval could come as early as late 2026, setting the stage for Celcuity’s transition from clinical developer to commercial-stage oncology company.

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The surge in Celcuity stock serves as a reminder of the high-reward potential in targeted oncology. For investors who backed the company through its development phase, Monday’s gains validate the long-term bet on gedatolisib. As the story unfolds, the biotech community will watch closely to see whether this positive momentum translates into sustained value creation in the competitive breast cancer market.

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Oatly concerned about ‘volatility’ of Middle East conflict on business

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Oatly concerned about ‘volatility’ of Middle East conflict on business

The company now has 30% retail share in US oat milk segment.

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