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Board call’s GME’s $56B takeover proposal neither attractive nor credible. (0:15) Energy prices push April core and headline CPI higher. (0:50) Quantum Computing reports nearly 9,000% revenue growth. (1:49)

This is an abridged transcript of the podcast:

Our top story so far, the bid has been rejected. The question now: does this move toward an auction?

eBay (EBAY) turned down GameStop’s (GME) $56B takeover proposal, calling it “neither credible nor attractive.”

In a letter to CEO Ryan Cohen, eBay’s board cited the company’s standalone prospects, uncertainty around GameStop’s financing, the leverage and operational risks of a combined entity, and concerns around governance and executive incentives.

The board said it remains confident in eBay’s current management and long-term strategy.

GameStop’s offer was valued at roughly $125 per share in cash and stock.

Shares of both companies are trading slightly lower.

On the economic front, retail inflation accelerated in April as higher energy prices filtered through both headline and core measures.

Core CPI rose 0.4% for the month, above the 0.3% consensus and up from 0.2% in March. The annual rate ticked up to 2.8%.

Headline CPI increased 0.6% month over month, bringing the annual rate to 3.8%, in line with expectations.

Airline fares jumped 2.8% as jet fuel costs climbed, while categories such as household furnishings, personal care and apparel also posted firm gains. Core services excluding housing rose 0.45%, one of the strongest readings of the year.

Skyler Weinand of Regan Capital said the inflation surge is energy-driven rather than structural, but still likely keeps the Fed on hold through the summer.

He added that rising food and materials input costs could complicate the policy outlook, as those pressures are difficult to offset with interest rates alone.

Among active stocks, Quantum Computing (QUBT) is rallying after reporting a nearly 9,000% jump in Q1 revenue. Wedbush said the company has grown through acquisitions and remains in the “early days” of its story.

Analyst Antoine Legault maintained a Hold rating, describing the company as a “show-me” name relative to peers, citing a considerably smaller quantum hardware revenue base.

Under Armour (UAA) (UA) is sliding on cautious guidance. Full-year revenue is expected to decline slightly year over year, including a low single-digit drop in North America. EPS guidance of $0.08 to $0.12 came in well below the $0.23 consensus.

And Zebra Technologies (ZBRA) is the top S&P gainer after a Q1 beat and raise. Full-year EPS guidance was lifted to $18.30 to $18.70, above the $17.96 consensus estimate.

And in other news of note, UK Prime Minister Keir Starmer emerged defiant from what many had seen as a make-or-break Cabinet meeting for his premiership.

After a sharp rebuke in last week’s elections and calls from more than 70 Labour MPs to step down, Starmer told ministers he would “get on with governing.”

He noted that no formal leadership challenge had been triggered and warned of the economic risks of destabilizing the government. Reports said no Cabinet minister openly challenged him.

Markets reacted modestly, with the UK 30-year gilt yield — which had climbed as much as 15 basis points to 5.82% — easing back to around 5.76%.

But the bond market may not be done.

Economist Joseph Brusuelas said long-term yields could test 6%, calling it another potential “Liz Truss moment in the making.”