One would hope growing profit 20 percent plus at a mature company would be enough in these troubled financial times to hold off the bear market, but Internet shopping site eBay learned otherwise today.
On a day when the S&P again climbed, eBay (NASDAQ: EBY) was hammered by investors despite beating estimates. Less than two hours before the market's close, EBY stock was trading down almost 15 percent, pushing the P/E ratio to over 75.
eBay announced yesterday that executive Lorrie Norrington would run the company's eBay Marketplaces division, a post once held by CEO John Donahoe. Norrington replaces long time eBay executive and former CFO Rajiv Dutta, who is leaving the company. Dutta had also previously run eBay's Skype and PayPal divisions.
We continue to suggest consumers seek advice from a licensed professional for investing and other financial matters.
Labels: bear market, eBay, Lorrie Norrington, Rajiv Dutta, Stocks
