Gamestop, Under Armour Plunge; Wendy's Jumps

Today's biggest winners and losers in the stock market.

On this episode of Stock Movers:

- Gamestop (GME) shares fell today after EBay Inc. rejected a $56 billion takeover offer from GameStop Corp. Chief Executive Officer Ryan Cohen, describing the unsolicited bid as “neither credible nor attractive.” EBay’s board turned down the offer after taking into account “uncertainty” around the financing plan, the operational risks involved and GameStop’s governance, Chairman Paul Pressler said in a letter addressed to Cohen. Pressler also cited GameStop’s executive incentives and a takeover’s potential impact on eBay’s long-term growth.

- Under Armour (UAA) stocks sank after its guidance for this year missed Wall Street projections, weighed down by exiting a partnership with NBA star Stephen Curry and a financial hit from the conflict in the Middle East.

- Wendy's (WEN) shares jumped as much as 17% on Tuesday, the most intraday since Feb. 18, after Financial Times reported that Nelson Peltz’s Trian Fund Management is seeking investor backing for a bid to take the burger chain operator private. Analysts note that Trian last attempted to takeover the fast-food chain in 2022, though TD Cowen is skeptical that a deal gets done.

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