Market Beats | PayPal Names HP Chief Enrique Lores as CEO as Shares Plunge 17%; PepsiCo Slashes Prices by 15% Ahead of Super Bowl; Disney Names Josh D’Amaro to Succeed Bob Iger as CEO; Walmart Market Cap Hits $1 Trillion Milestone; Trump Seeks $1 Billion in “Damages” from Harvard; Clintons Agree to Testify in Epstein Probe to Avoid Potential Criminal Contempt Charges; X Offices in Paris Raided by European Investigators

—— PayPal Names HP Chief Enrique Lores as CEO as Shares Plunge 17%; PepsiCo Slashes Prices by 15% Ahead of Super Bowl; Disney Names Josh D’Amaro to Succeed Bob Iger as CEO; Walmart Market Cap Hits $1 Trillion Milestone; Trump Seeks $1 Billion in “Damages” from Harvard; Clintons Agree to Testify in Epstein Probe to Avoid Potential Criminal Contempt Charges; X Offices in Paris Raided by European Investigators

1. PayPal Names HP Chief Enrique Lores as CEO as Shares Plunge 17%

PayPal Holdings Inc. announced on Tuesday that HP Inc. CEO Enrique Lores will take over as its new chief executive, replacing Alex Chriss, whose strategic turnaround plan failed to meet targets or streamline the company’s complex payments operations. The announcement coincided with a fourth-quarter earnings report that missed analyst estimates on both revenue and profit, sending PayPal shares tumbling more than 17%.

Newly-appointed independent board chair David Dorman stated that while some progress was made over the last two years, the pace of change and execution fell short of the Board’s expectations. Jamie Miller, the firm’s CFO and COO, will lead as interim CEO until Lores assumes the role on March 1. During a Tuesday conference call, Miller admitted that PayPal had not moved fast enough or with the required level of focus, noting that the company can no longer commit to the earnings guidance provided last February.

Chriss, who took the helm in 2023 following longtime CEO Dan Schulman, had initially vowed to prioritize profitability by refocusing on the core branded checkout experience.

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2. PepsiCo Slashes Prices by 15% Ahead of Super Bowl

PepsiCo Inc. is cutting prices by as much as 15% for flagship brands including Lay’s and Doritos in an effort to boost sales through increased affordability. The New York-based giant confirmed that reduced suggested retail prices for key items are rolling out this week ahead of Sunday’s Super Bowl, while maintaining existing package sizes.

Rachel Ferdinando, CEO of PepsiCo Foods US, stated that the company spent the past year listening to consumers who are feeling the financial strain. The price cuts follow pressure from Elliott Management, which took a $4 billion stake last year and urged the company to revamp its lineup. As part of a December agreement with the investor, PepsiCo pledged to streamline its US offerings and reduce prices. The company noted it has accelerated cost-cutting measures, including headcount reductions, the closure of three plants, and the consolidation of several manufacturing lines.

PepsiCo plans to prune its global product portfolio by 20% in the first half of this year.

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3. Disney Names Josh D’Amaro to Succeed Bob Iger as CEO

Walt Disney Co. announced on Tuesday that Josh D’Amaro will succeed Bob Iger as chief executive officer, concluding a high-profile, three-year search for a new leader. D’Amaro, a 28-year veteran of the company who currently leads the highly profitable Experiences division, will join the board on March 1 and officially take the helm on March 18.

The 54-year-old executive was chosen over other internal finalists, including Dana Walden, Alan Bergman, and Jimmy Pitaro. Walden, 61, has been named to the newly created role of President and Chief Creative Officer, reporting directly to D’Amaro.

To avoid past succession errors, Iger has been personally mentoring candidates and will remain on the board as a senior adviser until his final retirement on December 31, 2026.

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4. Walmart Market Cap Hits $1 Trillion Milestone

A rally in Walmart Inc. shares pushed its market capitalization past $1 trillion on Tuesday for the first time ever, vaulting the world’s largest retailer into a valuation category typically occupied by Big Tech firms such as Nvidia and Alphabet. The stock rose 1.6% in New York trading to reach an intraday record of $126 per share. With a 12% gain this year, Walmart has significantly outperformed the S&P 500 Index’s 1.9% advance.

The Bentonville, Arkansas-based chain has leveraged its massive scale and supplier network to maintain low prices and capture market share across all income levels. While maintaining its core appeal to bargain hunters, Walmart’s expanded online offerings are successfully drawing wealthier shoppers seeking convenience.

Analysts noted that the milestone reflects a massive digital transformation, as the company pivots from a traditional brick-and-mortar model to a technology-driven engagement strategy.

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5. Trump Seeks $1 Billion in “Damages” from Harvard

President Donald Trump announced late Monday that he is seeking $1 billion in “damages” from Harvard University, renewing his long-standing battle with the institution. The statement, posted on Truth Social, came hours after a New York Times report suggested his administration had backed off a previous demand for $200 million. Trump dismissed the report as “nonsense” and insisted the legal pursuit would continue until justice is served.

Since the start of his second term over a year ago, Trump has targeted Harvard’s federal research funding and threatened its tax-exempt status. What began as an investigation into the university’s handling of campus antisemitism following the October 2023 Hamas attack has expanded into a broader debate over academic freedom and ideological diversity. Unlike other Ivy League peers like Columbia or Brown that have reached settlements with the administration, Harvard has fought back through litigation.

Harvard President Alan Garber maintained that the government’s excessive demands signal an intent to punish the school rather than address core issues, leading the university to file two lawsuits against the administration.

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6. Clintons Agree to Testify in Epstein Probe to Avoid Potential Criminal Contempt Charges

Former President Bill Clinton and former Secretary of State Hillary Clinton will appear before a House committee investigating disgraced financier Jeffrey Epstein, their attorneys confirmed on Monday. The move comes as the House was prepared to hold a full vote this week to cite the Clintons for criminal contempt for previously defying subpoenas. In an email to House Oversight Committee Chairman James Comer, the couple’s lawyers stated that their clients accept the terms and will appear for depositions on mutually agreeable dates.

While the defense requested confirmation that contempt proceedings would be dropped, Chairman Comer’s office issued a statement noting that the Clintons’ response still lacks clarity and fails to provide specific dates for the testimony. Representative Robert Garcia, the committee’s ranking Democrat, told reporters that the Clintons are willing to speak with the committee.

The Republican-led inquiry continues to examine the activities and high-level connections of Epstein following his death, with the Clintons’ participation marking a significant turning point in the congressional investigation.

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7. X Offices in Paris Raided by European Investigators

Elon Musk’s X offices in Paris were raided by French and European investigators on Tuesday following a public outcry over the Grok chatbot’s role in spreading sexualized images of women and children. French prosecutors also summoned Musk and former CEO Linda Yaccarino for voluntary interviews in April as part of a widening investigation into the platform. Simultaneously, the UK’s Information Commissioner’s Office (ICO) launched a new probe into both X and xAI, citing serious concerns regarding the use of personal data and the potential for producing harmful AI-generated content.

The global regulatory scrutiny intensifies as Musk faces backlash over users leveraging Grok to create unauthorized deepfakes. Tuesday’s raid involved the Paris public prosecutor’s office, the national cybercrimes unit, and Europol.

While the French probe initially focused on X’s algorithms last year, it has since expanded to examine the distribution of AI-generated abuse material and posts denying crimes against humanity.

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