Shares are trading at a 3 year low, traffic is down by 10 million visitors a day, and PowerSellers are looking at other avenues to make money while Google gets it's ducks in a row.
MarketWatch:
eBay shares closed down 5.3% at $26.85, a 52-week low and a level not seen since late 2003. EBay said that Rajiv Dutta, former CFO and current president of its Skype business, will replace Jordan. Skype's vice president for products, Alex Kazim, will replace Dutta.
Citigroup analyst Mark Mahaney lowered his price target on eBay's stock to $40 from $51, citing concerns over competition to its PayPal secured payment product. Mahaney kept his rating at buy, but trimmed his long-term earnings growth rate estimate to 20% from 22%.
"Based on a proprietary product analysis of Google Checkout, we have concluded that Checkout is a greater challenge to PayPal's long-term growth than is widely recognized," Mahaney said.
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