eBay Skyrocketed Tuesday After Announcing PayPal Spinoff

News of a PayPal spinoff sent eBay shares skyrocketing on Tuesday making it TheStreet's Move of the Day.
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News of a PayPal spinoff sent eBay shares skyrocketing on Tuesday making it TheStreet's Move of the Day. The e-commerce giant announced its plan Tuesday morning to separate the online marketplace from PayPal, its growing mobile payment processing unit it bought back in 2002. eBay's shares initially jumped as much as 8.8% after the announcement. The move comes after several months of pressure from activist investor Carl Icahn for the two divisions to split. The company's traditional e-commerce business had been slowing. eBay and Paypal will spin off into two publicly traded companies by the second half of 2015.