NEW YORK (TheStreet) -- Shares of eBay (EBAY) are slightly higher at $54.04 in pre-market trade after it was reported that Alibaba Group (BABA) is open to working with eBay's PayPal to expand payment options after shoppers bought a record amount of merchandise during the Chinese company's annual Singles' Day promotion, Bloomberg reports.
The company is already talking with Apple (AAPL) about payments and may collaborate with PayPal in the future, Vice Chairman Joseph Tsai said in an interview today, Bloomberg said.
Alibaba sold more than 45.7 billion yuan ($7.5 billion) of goods within 19 hours of the promotion kicking off, passing last year's record.
Must Read: Warren Buffett's 25 Favorite Stocks
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 multiple 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 revenue growth, growth in earnings per share, good cash flow from operations, expanding profit margins and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company has had sub par growth in net income."