EBay Jumps After Report Says PayPal Spin-Off Under Consideration

NEW YORK (TheStreet) -- Shares of eBay (EBAY) are rising after The Information reported that the company is considering spinning off its PayPal digital payments unit.

WHAT'S NEW: eBay has been telling candidates for the position of PayPal CEO that the unit may be spun off as soon as next year, according to The Information, which cited two unnamed sources.

WHAT'S NOTABLE: Billionaire investor Carl Icahn reported in a regulatory filing that he owned 30.8M shares of eBay as of June 30, which represented a 3M share increase from previous quarter. On April 10, Icahn said in a statement that eBay would benefit from spinning off PayPal, adding that he would continue to press the company to do so.

PRICE ACTION: In mid-morning trading, eBay rose $1.30, or 2.5%, to $55.

Reporting done by Larry Ramer.

 

The Fly provides comprehensive coverage of stock news and Street research and delivers it in real-time. The Fly breaks market-moving news and explains sudden stock movements in a rapid-fire, short-form story format. Follow @theflynews on Twitter. For a free trial, click here.

More from Investing

Markets Look Confused After Latest Beating

Markets Look Confused After Latest Beating

Jim Cramer's Investing Rule #2: It's OK to Pay Taxes

Jim Cramer's Investing Rule #2: It's OK to Pay Taxes

General Electric Expulsion From Dow Symbolizes Unsettled Week in Markets

General Electric Expulsion From Dow Symbolizes Unsettled Week in Markets

3 Best Investing Opportunities Right Now in Closed-End Funds

3 Best Investing Opportunities Right Now in Closed-End Funds

How Small-Cap Stocks Can Protect Your Portfolio From a Trade War

How Small-Cap Stocks Can Protect Your Portfolio From a Trade War