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This Stock Movers Report, your roundup of companies making moves in the stock market, harnessing the power of Bloomberg Data.
This is Charlie Pelp. Let's take a look at some of the stocks on the move today. We are joined now by Christina Quino, Managing editor for the Market's Live blog for Bloomberg News. Got to begin with a major story involving eBay. We've got Ryan Cohen at it again. He's the Canadian entrepreneur turned activist investor. What is it that he is trying to buy and how much of a surprise was this for markets?
Well, Charlie, based on the movers on the eBay shares today more than five percent by the end of the regular trading session, there's a big surprise there for investors. Games up apparently making a fifty six billion dollar bid for eBay and they are offering one hundred and twenty five dollars per share in cash and stock. So eBay apparently did not know about this prior to the move and is now saying that will review the offer quote with a focus on the value to be delivered to shareholders,
including the value of game Stop stocks. Very interesting, and we also had Michael Burry, by the way of Big Short Fame, apparently saying that he's going sold or he sold his entire position in gamesof after news of the offer came out, So very interesting that does Michael Burry know something that investors don't know? That is the big question, isn't it you have any.
Questions about financing for this thing?
I mean absolutely, I think that is going to be the focus, Charlie, because at this moment, you know, there's little clarity in terms of how gamesof is going to make this purchase potentially and as part of a reason probably why the likes of Michael Burry opting to kind of excuse himself from the narrative, shall we say, from this And so I think that's suddenly one of the things that eBay investors in the board will want to dig into is the structure of such a deal and
whether it is something that GameStop can follow through given the volatility that we've seen in game Stop stairs over the last few years.
Indeed, certainly a story we're going to be watching in the next couple of days, possibly the next few weeks. Game Stop lower today eBay Hire. Our earning season upon us and we have got a busy week for earnings. Last week was all about texts and I want to switch gears. I want to move over to protein, meat and chicken. We heard from Tyson this morning, Tyson shares surging today by eight percent. What happened in the quarter?
Yeah, absolutely, Charlie, I mean, very good results from the looks of it. So Tyson, of course the largest US meat packer, raising its full your profit outlook, and they're specifically citing strong demand for protein as the driver of that move. They said the adjusted operating income will be between two point two billion dollars and two point four billion dollars in a full fiscal year, which is one hundred million dollars more from the prior range. Now not
all good news though for the company. They did see a wider loss in its beef operations. That's expected to lose three hundred and fifty million to five hundred million dollars for the full year of twenty twenty six. But clearly what they're seeing in terms of protein demand in general more than offsets that loss in beef, which is probably that's probably driven by higher costs of beef than anything else.
Yeah, so it doesn't necessarily come down to chicken versus beef. This is other factors at play.
Yeah, it looks like it for sure, Charlie. But you know, I mean, chicken over the last few years, just in general, has been becoming more popular precisely because it is a cheaper source of protein versus beef. And so we've seen a number of restaurants, for instance, kind of leaning into
the demand for chicken wings and things like that. And so that's probably something that is benefiting Tyson Foods as well, helping it hold up in general despite the higher cost of beef in the wider loss that's seen in that segment.
And the chairs up today by eight percent on Tyson Foods. Let's move on now to a wild story involving delivery companies, specifically the package delivery companies FedEx and UPS. Those shares got hit hard today and this involves I'll let you identify the company. It involves Amazon.
Who else? Right? Who else is big enough to rival these established, well known carriers in the US. But that's exactly why UPS shares down more than ten percent today. That is because Amazon announced expanded logistics offerings that will turn it into a major competitor for parcel carriers and air freight companies such as FedEx and UPS, and so investors really worried about how this is going to turn
Amazon into a more direct competitor. At the moment. There's a bit of a symbiotic relationship here, right because Amazon, you know, as primarily an online retailer, still tends to rely in some respects on UPS and FedEx services. I know personally that I've received Amazon packages delivered via FedEx. But now that Amazon is kind of really diving into the space, there is potential for the retailer to become a one stop shop retailer and also a delivery company.
And again, FedEx down nine percent, worse day in more than a year.
The Stock Movers report from Bloomberg Radio. Check back with us throughout the day for the latest roundup of companies making news on Wall Street and for the latest market moving headlines. Listen to Bloomberg Radio Live, catch us on YouTube, Bloomberg dot com, and on Applecarplay and Android Auto with the Bloomberg Business app.