eBay's Might Isn't Enough to Carry Net Funds

Like a parent looking at one son's straight A's and another's F's, Net fund managers are probably shaking their heads, wondering why their little ones can't all be like eBay(EBAY Quote).

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As most Net shops are buckling under the weight of ill-conceived business models, disappointing revenue and flagging online advertising, eBay kept outclassing its peers last week. The leading online auction firm, one of the few pure-play Net companies to make a profit, reported fourth-quarter results that topped analysts expectations by a country mile. eBay's shares gained 6.9% on Friday and are up more than 40% since Jan. 1. (For a detailed look at eBay's results check out this solid TSC Detox column, where Peter Eavis concludes the firm might actually merit a share price that's more than 120 times the next four quarters' estimated earnings.) ...