PayPal jumps on reported takeover bid, Aehr Test soars

Investing.com -- U.S. stock index futures edged higher on Wednesday after softer inflation data and a strong start to the corporate earnings season boosted investor sentiment, with markets weighing whether resilient corporate profits can continue to support Wall Street’s record rally despite lingering geopolitical risks.

Here are some of the biggest premarket U.S. stock movers today:

PayPal Holdings surged more than 20% in premarket trading after Reuters reported that payments giant Stripe and private equity firm Advent International had submitted a joint takeover offer valuing the company at more than $53 billion.

According to the report, the consortium has offered $60.50 per share, representing a roughly 28% premium to PayPal’s previous close. The proposed acquisition would mark one of the largest deals in the fintech sector in years, as buyers seek to capitalize on PayPal’s extensive payments network and digital commerce platform.

Semiconductor testing equipment maker Aehr Test Systems rallied 29% after reporting fiscal fourth-quarter results that comfortably exceeded Wall Street expectations. The company posted adjusted earnings of $0.11 per share, versus expectations for a $0.01 loss, while revenue climbed 33% year-on-year to $18.8 million, topping analyst forecasts.

Ernexa Therapeutics soared 30% after releasing independent preclinical validation data supporting its lead ovarian cancer cell therapy candidate, ERNA-101.

Defense and aerospace company Redwire Corp. rose 4.6% after announcing $21.5 million in follow-on orders to supply Stalker unmanned aerial systems to the U.S. military under its Family of Small UAS program.

Chinese electric vehicle maker XPeng gained 4% after the Wall Street Journal reported that the company plans to launch its humanoid robot globally in 2027, with monthly production capacity expected to exceed 1,000 units by the end of this year.

On the downside, water technology company Pentair tumbled nearly 20% after issuing a profit warning, cutting its full-year outlook and announcing the departure of Chief Financial Officer Nicholas Brazis.

The company also disclosed preliminary second-quarter sales that fell well short of previous guidance, citing significant inventory destocking in its pool products business.

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