Stock market today: Dow, S&P 500, Nasdaq moderate as markets digest Warsh’s Jackson Hole speech

PayPal (PYPL) stock slid 12% on Friday after payment processor Stripe (STRI.PVT) and private equity firm Advent abandoned a deal to acquire the payments giant, according to Bloomberg.

The group began pursuing PayPal earlier this year and had reportedly bid $60.50 a share to buy the company, valuing it at roughly $53 billion. PayPal balked at that offer and sought a higher price.

PayPal stock is now down 7% year to date, compared to a 12% gain for the S&P 500 (^GSPC). The company has been working on a turnaround plan under new CEO Enrique Lores, who took the top spot at the company in March.

“Our Board and management team are open and have a clear responsibility to objectively evaluate every opportunity that is presented to us, compare it with our own plan, and choose the option that creates more value,” Lores said on the company’s latest earnings call in late July. “Today, because of all the work that we have done over the last three months and because of the status of the business, we have a very clear view of the value that we can create in the coming years. And at this point, while we remain open, our focus is on executing our own strategic plan, given the confidence that we have in creating value for shareholders.”