GameStop vs. eBay, SoftBank Profits, and a Mixed Open

🌅 Today's Morning Call

S&P Futures 7,442.25 ▲ +7.50 (+0.10%)	Nasdaq Futures 29,375.25 ▲ +122.75 (+0.42%)	Dow Futures 49,735.00 ▼ -134.00 (-0.27%)
10Y Treasury 4.46% ▲ +0.05%	US Dollar 98.48 ▲ +0.16 (+0.16%)	Bitcoin $80,490 ▲ +$6 (+0.01%)

Good morning! It is Wednesday, May 13, 2026, and the pre-market picture is about as mixed as a bowl of trail mix. Nasdaq futures are pushing higher, the Dow is slipping, and somewhere in a boardroom, a GameStop executive is refreshing their inbox waiting for a callback from eBay that is not coming. There is plenty to unpack before the opening bell, so here is your morning rundown.

👀 What to Watch Today

Eyes will be on the retail and e-commerce space after eBay (EBAY) flatly rejected GameStop's (GME) jaw-dropping $56 billion buyout offer, calling it neither credible nor attractive. Ryan Cohen's ambitious bid is raising eyebrows across the market, and traders will be watching both tickers closely for volatility once the session kicks off. Do not be surprised if GME sees some turbulent price action as the reality of that rejection sets in.

On the logistics front, FedEx (FDX) is in focus after CEO Raj Subramaniam pushed back against concerns that Amazon's (AMZN) new supply chain service threatens FedEx's business. Subramaniam called the two services entirely different, and notably pointed out that Amazon remains a FedEx customer. Traders will be watching FDX for any recovery bounce or continued pressure depending on how the market digests that defense.

Meanwhile, the Musk-SEC settlement heads to a DC federal judge today. Lawyers representing Elon Musk and the Securities and Exchange Commission are set to discuss their $1.5 million settlement tied to Musk's Twitter acquisition. While the dollar amount is small relative to Musk's empire, the optics and precedent matter, and any unexpected developments in that courtroom could ripple across sentiment.

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🌏 Overnight Recap

Overnight in Asia, Tencent (TCEHY) posted first-quarter revenue growth of 9%, driven by strong gaming demand and accelerating artificial intelligence adoption. The numbers sound solid on the surface, but they came in short of analyst estimates, which is the kind of miss that tends to cool enthusiasm fast. Expect some choppy trading in China-adjacent tech names as investors weigh the growth story against the guidance gap.

SoftBank (SFTBY, SFTBF) delivered a more pleasant surprise, reporting a net profit of roughly $12 billion for the January-March quarter. That is a strong print for the Japanese tech investment giant, and it signals that the Vision Fund portfolio may be finding its footing again after years of high-profile stumbles. The result is giving a modest lift to risk sentiment in Asian markets overnight.

Over in Europe, news broke that Britain's Intertek (IKTSY, IKTSF) is set to accept a $12.7 billion takeover offer from Swedish private equity firm EQT. It is a significant deal in the testing and certification space, and it adds to a growing pipeline of M&A activity that could signal renewed confidence in deal-making. Spain also made headlines by pushing forward new social media and AI regulations despite heavy lobbying from Big Tech, a development worth tracking for any firms with European exposure.

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📊 Pre-Market Movers

GameStop (GME) is the headline ticker this morning and not in the way bulls were hoping. eBay's blunt rejection of the $56 billion offer is the kind of public rebuff that can send a meme stock on a wild ride. Ryan Cohen's credibility is getting stress-tested in real time, and pre-market activity in both GME and EBAY deserves a close look before the open.

FedEx (FDX) is another name to track early. The stock has been under pressure from Amazon logistics concerns, and the CEO's public pushback overnight may or may not be enough to shift sentiment. If the market believes Subramaniam's framing, FDX could see a relief bounce. If traders remain skeptical, the selling may continue.

On the international side, SoftBank's blowout profit quarter is a potential catalyst for tech-adjacent names with Vision Fund exposure. And McDonald's (MCD) is quietly generating some buzz after announcing its naming rights deal with the Chicago Fire soccer club, branding the new 2028 stadium McDonald's Park. It is a marketing play more than a financial mover, but brand visibility stories sometimes catch a tailwind.

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🔍 Today's Watchlist

1. EBAY and GME: Both tickers are primed for fireworks after the buyout rejection. Watch for unusual options activity and volume spikes at the open.
2. FDX: CEO commentary defending the business model against Amazon competition lands today. Share reaction will be a real-time vote of confidence from the market.
3. TCEHY: A revenue beat in growth, but a miss versus estimates. How hard does the market punish the shortfall in a name tied to China tech sentiment?
4. Treasury yields: The 10-year is sitting at 4.46% and climbing. Rising yields are putting a floor under the dollar and a ceiling on rate-sensitive growth stocks.
5. SFTBY and SFTBF: SoftBank's $12 billion profit quarter could draw fresh attention to Japanese tech and venture-linked names. Worth watching for follow-through buying.

🎯 The Morning Playbook

The playbook for today centers on selectivity. Nasdaq futures are the bright spot in a mixed pre-market, suggesting tech and growth names have the wind at their backs while the Dow's drag reflects pressure in more traditional sectors. With Treasury yields ticking up across the curve, rate-sensitive positions deserve a second look before you add exposure.

The M&A angle is worth paying attention to as well. The Intertek deal and the GameStop-eBay saga, as different as they are, both point to a market where corporate action is picking up pace. That creates opportunity in names that could become targets, but it also means staying disciplined about valuations in a rising rate environment.

At the end of the day, the market is giving you mixed signals this morning, and mixed signals are actually information. They tell you to be precise, not aggressive. Know your entry points, respect your risk levels, and let the price action confirm the thesis before committing. The traders who stay patient in a choppy open are usually the ones who end the day with better results.

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