EBay Stock Plunges Near 2-Year Low On Concerns Of Slower Growth
Summary
EBay stock plunged Friday after an earnings report from PayPal Holdings ( PYPL ) indicated a slowdown in merchandise sales.Stifel Nicolaus analyst Scott Devitt on Friday cut his rating on eBay to hold from buy.Early this year eBay announced plans to take over those payments-processing duties from PayPal by 2021.PayPal, in its conference call, suggested that gross merchandise volume on eBays Marketplace rose 3.4% from a year ago."We further expect eBays multiyear transition to the Adyen payments platform could be bumpy given the long history that buyers and sellers have working almost exclusively with PayPal on the eBay platform," Devitt wrote in a note to clients.
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