Top Midday Stories: PayPal Reportedly Gets Acquisition Offer From Stripe, Advent; ASML Misses Q2 EPS, Sales Estimates, Lifts Outlook

All three major US stock indexes were up in late-morning trading Wednesday, as technology stocks led the way up and additional inflation data showed further cooling. The US Producer Price Index fell by 0.3% in June, below expectations of a flat reading in a survey compiled as of 7:25 a.m. ET and after a 0.6% increase in May. Core PPI, which excludes food and energy prices, rose by 0.2%, below the 0.3% gain expected and following a 0.1% gain in May. In company news, Stripe and Advent International have offered to acquire PayPal (PYPL) for $60.50 per share in a deal that would value the company at over $53 billion, Under the proposal, Stripe and Advent would each own a 50% stake in PayPal. The two payments firms have not received a response from PayPal but are seeking to advance talks in the coming weeks, the report said. PayPal shares were up 16.5% around midday. ASML (ASML) reported Q2 earnings Wednesday of 7.58 euros ($8.66) per diluted share, up from 5.90 euros a year earlier but below the FactSet consensus analyst estimate of 8.59 euros. Second-quarter net sales were 9.33 billion.