While results for the most recent quarter met expectations, a lower-than-expected estimate for the fourth quarter sent shares lower in after-hours trading last Wednesday.
On the earnings conference call, management seemed fairly optimistic regarding eBay's PayPal division, which continues to show respectable growth. The dismal outlook on the e-commerce market for the holiday shopping period, however, disappointed investors.
But on Friday afternoon, shares of eBay suddenly spiked higher, as the stock muddled near the lower end of its one-year trading range of $50 to $57.At first, the move could have been confused with fund managers, or "smart money," gobbling up shares near year-to-date lows with a strong finish for equities expected in the last two months of 2013. But as per usual, a report responsible for the move eventually surfaced, this time from AllThingsD. In it, eBay CEO John Donahoe admitted that his company's outlook may have been a bit too downbeat. He said, "the truth is Bob
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