eBay Shares Slide After Paypal Ignites Fears of Slowdown
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While the majority of Wall Street cheered a strong earnings report from PayPal Holdings Inc., investors in EBay Inc. saw another side to the story, and it wasn’t pretty.
EBay shares fell to their lowest levels in almost two years after PayPal, which processes payments for the Internet retailer, reported “ongoing pressure” and slower growth in the business. Stifel analyst Scott Devitt cut his rating on EBay to hold from buy, saying PayPal’s results suggested weak gross merchandise volume trends for EBay in the third quarter.