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eBay Shares Tumble on Downgrade
SAN FRANCISCO - eBay(EBAY Quote) shares were tumbling in recent trading after Morgan Stanley downgraded its rating.
The stock slipped 8.4% to $19.10, marking only the second time it has dipped below $20 since 2003.
Analyst David Joseph of Morgan Stanley chopped his rating on eBay to equal weight from overweight. He also slashed his third-quarter earnings estimate to 40 cents a share from 42 cents a share. For 2009, Joseph expects earnings of $1.91 a share, down from his previous estimate of $2.04. ...
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