Today is Wednesday, August 3, 2022.

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Shares of PayPal Holdings (Nasdaq: PYPL) jumped 11.29% in after-hours trading on Tuesday after the fintech giant posted positive financial earnings.

Financials: PayPal reported earnings of 93 cents per share and revenue of $6.8 billion; both were better than expected.

Backing: Elliot Management, the same activist investor that backed Pinterest (NYSE: PINS) and caused the social media company to get a positive earnings bounce on Monday, revealed on Tuesday that it invested $2 billion in PayPal. That's why PayPal's stock jumped on Tuesday. The backing includes an information-sharing agreement.

Outlook: PayPal’s full-year guidance is $27.85 billion, which was better than expected. But the company’s revenue guidance for the third quarter of $6.8 billion was below estimates.

Final Thoughts: PayPal’s stock has lost over 50% of its value this year. However, a plan for stock buybacks has investors excited.

Notable Earnings Today: Under Armour (NYSE: UAA), Marathon Oil (NYSE: MRO), Moderna (Nasdaq: MRNA), Energy Transfer (NYSE: ET), CVS Health (NYSE: CVS), Lucid Group (Nasdaq: LCID), Enterprise Products Partners (NYSE: EPD), Regeneron Pharmaceuticals (Nasdaq: REGN), Booking Holdings (Nasdaq: BKNG), Medical Properties Trust (NYSE: MPW), Fortinet (Nasdaq: FTNT), Yum! Brands (NYSE: YUM), Berry (Nasdaq: BRY), Callon Petroleum Company (NYSE: CPE), Amerisourcebergen (NYSE: ABC), Allegiant Travel (Nasdaq: ALGT), Allstate (NYSE: ALL), Biomarin Pharmaceutical (Nasdaq: BMRN), Borgwarner (NYSE: BWA), Cars.com (NYSE: CARS), Civitas Resources (NYSE: CIVI), Clorox (NYSE: CLX), elf Beauty (NYSE: ELF), Fate Therapeutics (Nasdaq: FATE), Fortinet (Nasdaq: FTNT), Cedar Fair (NYSE: FUN), GoDaddy (NYSE: GDDY), Genco Shipping & Trading (NYSE: GNK), Generac Holdings (NYSE: GNRC), Hostess Brands (Nasdaq: TWNK), Host Hotels & Resorts (Nasdaq: HST), McKesson (NYSE: MCK), MercadoLibre (Nasdaq: MELI), MetLife (NYSE: MET), MGM Resorts International (NYSE: MGM), MBIA (NYSE: MBI), MetLife (NYSE: MET), Monster Beverage (Nasdaq: MNST), New York Times (NYSE: NYT), Novavax (Nasdaq: NVAX), Realty Income (NYSE: O), Pacific Biosciences of California (Nasdaq: PACB), PDC Energy (Nasdaq: PDCE), Qorvo (Nasdaq: QRVO), Sturm Ruger & Company (NYSE: RGR), Sunrun (Nasdaq: RUN), Stratasys (Nasdaq: SSYS), STORE Capital (NYSE: STOR), Western Union (NYSE: WU).

Notable IPOs Today: N/A.

Notable Equity Crowdfunding Campaigns Ending Today: Karla & Co (StartEngine).

Notable Economic Events Today: S&P Global Composite PMI (9:45 a.m. ET), Services PMI (9:45 a.m. ET), Factory Orders (10:00 a.m. ET), ISM Non-Manufacturing Employment / PMI (10:00 a.m. ET), Crude Oil Inventories (10:30 a.m. ET).

Shares of Advanced Micro Devices (Nasdaq: AMD) dropped 6.94% in after-hours trading on Tuesday after the semiconductor company posted disappointing financial earnings.

Financials: AMD reported earnings per share of $1.05 and revenue of $6.6 billion; both were better than expected.

Outlook: The problem with AMD was its guidance. Its third-quarter revenue projection of $6.7 billion and full-year projection of $26.3 billion were both below estimates.

Final Thoughts: AMD’s stock is down 33% this year. It’s been a rough 2022 for stocks involved in the slowing PC market.

Shares of Starbucks (Nasdaq: SBUX) jumped 1.47% in after-hours trading on Tuesday after the coffee giant posted positive financial earnings.

Final Thoughts: Starbucks reported earnings of 84 cents per share and revenue of $8.2 billion; both were better than expected. Despite declines in China due to pandemic restrictions, the company had a good quarter.

We’re Asking the Same Question: Shares of a Chinese tech firm are up more than 32,000% since its July IPO - and even the company has no idea why (Markets Insider)

Why ApeCoin Soared: BitPay Adds ApeCoin, Euro Coin to Wallet (PYMNTS.com)

Swipe Left: Match Drops After Sales Forecast Falls Short on Slow Growth (Bloomberg)

Second Round of Layoffs: Robinhood Lays Off 23% of Staff as Retail Investors Fade from Platform (The Wall Street Journal)

IOU: Americans are piling up credit card debt as they struggle to keep up with the high cost of living (CNN)

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