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.

 

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