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GameStop retail store (Ying Tang/Getty Images)

GameStop boosts eBay stake to 6.55% after e-commerce platform rejected its $55.5 billion offer

GameStop has only had to spend around $10 million to gain economic exposure to about 29.1 million shares of eBay.

Luke Kawa

Ryan Cohen is not taking “no” for an answer.

After eBay rebuffed GameStop’s $55.5 billion unsolicited offer last week, a 13D report filing on Tuesday shows that the video game and collectibles retailer increased its stake in eBay to 6.65% from 5% via options. That is, GameStop has entered into put/call pair trades (selling calls and buying puts) with TD Securities to more efficiently amass a position.

So far, GameStop has only had to spend around $10 million to gain economic exposure to about 29.1 million shares of the e-commerce platform, which currently has a market cap of roughly $51.5 billion. And it’s enjoying a tidy paper gain in the process: the call options bought have risen as eBay’s stock jumped on news of the bid, while the value of put options sold has declined.

In an interview with ProCap’s Anthony Pompliano last week, Cohen said, “I want the business,” and that “we’re going to do whatever we obviously need to do in order to bring this proposal in front of the true owners of the business.”

Prediction markets currently imply about a 20% chance of GameStop acquiring eBay this year, per Kalshi.

Read more: The real problems with using GameStop shares to try to purchase eBay

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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

  • Revenue of $11.0 billion (estimate: $10.8 billion).

  • Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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