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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.

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.

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.

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.

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.

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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Catalyst watch:

• 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.

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.