NEW YORK (TheStreet) -- eBay (EBAY) plunged on concerns that competition is rising in the e-commerce and digital payments arena, just as the online retailer is preparing to spin off PayPal. Tesla Motors (TSLA) spiked after its price target was raised. J.D.com (JD) jumped after a report tagged it as holding potential for a breakout to higher trading levels.
eBay tanked 3.8% to close at $60.85.
The e-commerce giant fell after it estimated its 2016 revenue would likely grow at a slower pace than previously expected, once it spins off its digital payment business PayPal, according to a Wall Street Journal report. eBay now anticipates its marketplace revenue will be flat to 5% growth next year, excluding the effect of any foreign currency headwinds, according to the Journal. Wall Street had been expecting 5.2% sales growth.
Piper Jaffray analyst Gene Munster said in a research note, according to an Investor's Business Daily report, "A large base of PayPal's existing business will be facing the potential for competition to rise going into the PayPal spinoff this fall."
That competition is coming from Apple's (AAPL) Apple Pay and Google's (GOOGL) Android Pay.
Tesla soared 2.9% to end the session at $256.29, on a day with the broader markets declined.
The high-end electric car maker spiked after Baird analysts raised the price target to $335 from $275, according to a Business Insider report, which further cited the Baird analyst report as saying: