GameStop shares fell 10% today, proof that investors are bracing for something. What exactly that something is has been a topic of much debate today.

Catch up quick: GameStop yesterday offered to buy eBay for around $55 billion in cash and stock.

• This felt weird, even by GameStop standards. It got downright surreal this morning when GameStop CEO Ryan Cohen either couldn't or wouldn't explain the basic bid details during a CNBC interview, Axios' Dan Primack writes.

Zoom in: GameStop is offering $125 per share, representing a 20% premium to where eBay stock closed on Friday.

• "But the math doesn't seem to math," which was the main subject of Cohen's televised intransigence, Dan notes.

📊 By the numbers: GameStop said its offer for eBay — which is over four times its size — would be split evenly between cash and stock.

• The company holds around a 5% stake in eBay, mostly via derivatives, and says it secured a "highly confident letter" from TD Securities to lend up to $20 billion. Its cash pile is around $9 billion, and its market cap is $11 billion.
• Cohen, however, repeatedly declined on CNBC to explain how the company would fund a roughly $16 billion gap between that and the proposed offer value.

🗣️ Cohen said more than once in the interview that he didn't "understand the question," and said, "We have the ability to issue stock to get the deal done."

📉 The impact: That could be massively dilutive for GameStop's stock, helping explain its price drop today.

• EBay shares rose 5%, but only to $109, far below the $125 offer level — signaling investors aren't sure how seriously to treat the whole thing.

💭 Nathan's thought bubble: I once worked for a business that got acquired by a much smaller company — so it is possible, but it all comes down to whether the financing is there.

Americans are still eating plenty of protein — but rising beef prices are pushing more shoppers toward chicken, Axios' Kelly Tyko writes.

• Tyson Foods' results today show a widening shift in how Americans are buying meat. The move toward chicken is playing out in grocery aisles and in a restaurant sector seeing a traffic rebound.

Zoom in: Total sales for the meat processor rose to $13.7 billion in the quarter ending March 28, even as beef sales — its largest segment — fell 13% in volume terms from a year earlier.

• Chicken sales volume increased 1.7%, and about 3x faster at grocery stores and restaurants, the company said.
• Tyson CFO Curt Calaway said today that Tyson sees "continued evidence that chicken will be a preferred protein in the upcoming year."

The bottom line: Consumers aren't cutting back on meat — they're trading across it, with affordability and convenience playing a bigger role.

Go deeper

📊 Palantir reported an 85% jump in sales in Q1 compared to last year, fueled by strong U.S. military demand and rapid growth in its business selling data-crunching software to companies. (WSJ)

🤝 The SEC and Elon Musk agreed to settle a lawsuit filed last year by the regulator over alleged securities law violations in the run-up to Musk's purchase of Twitter. (CNBC)

McDonald's plan to phase out self-serve soda fountains is going viral again — even though nothing has changed since 2023, McDonald's tells Kelly.

The big picture: McDonald's has already said it will phase out self-serve beverage stations in U.S. dining rooms by 2032.

• The change is part of a broader push to create a more consistent experience across drive-thru, mobile, kiosk and in-store orders — a reflection of how customers increasingly order off-premises.

What they're saying: The transition is gradual and tied to remodels — meaning self-serve soda isn't disappearing overnight.

• 🥤 Free refills aren't going away for dine-in customers — but they'll be handled through a "crew pour" system, meaning you'll need to ask at the counter.

Meanwhile, McDonald's is rolling out six new specialty drinks nationwide this week as part of its bigger push into beverages.