In eBay and PayPal's case, however, the businesses are linked. If you've ever bought or sold anything on eBay, you know exactly what I mean. From the view of the consumer they work together seamlessly.

While the idea of a PayPal IPO is exciting and might create a buzz during a time when the markets could use some excitement, don't count on it -- or at least not yet.

eBay, so far, is not willing to play ball with Icahn.

But don't confuse his latest proposal with weakness. IPO or full spin-off, he'd still get exactly what he's really after.

At the time of publication the author had a position in MATX.

This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.

If you liked this article you might like

7 Essential Rules for Investing in Tech Stocks

10 States Where the Wealthiest Executives Call Home

Sorry Elon Musk but Artificial Intelligence Grows Jobs: Domino's Pizza CEO