Why eBay (EBAY) Stock Is Up Today

Update (12:40 p.m.): Updated with new volume and price information.

NEW YORK (TheStreet) -- eBay  (EBAY) rose Thursday on higher-than-average volume after a report that the online auction site could spin off PayPal.

Billionaire activist investor Carl Icahn tried to convince eBay to spin off the payment business in April but he was ultimately unsuccessful. Now, The Information reports eBay has been telling prospects for the PayPal CEO position that it could go through with the spin off as early as next year.

eBay has been looking for a new PayPal CEO since June after former CEO David Marcus announced he would leave for Facebook.

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The stock was up 4.87% to $56 at 12:37 p.m. More than 34.3 million shares had changed hands, compared to the average volume of 11,781,300.

Separately, TheStreet Ratings team rates EBAY INC as a "buy" with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

"We rate EBAY INC (EBAY) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its growth in earnings per share, increase in net income, revenue growth, largely solid financial position with reasonable debt levels by most measures and good cash flow from operations. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."

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