1 month ago
Stock Market

EBay Soars on Activist Interest Midday

Investing.com - Shares of eBay jumped sharply in midday trading as stakes from activist investors were revealed. Elliott Management announced a

Investing.com - Shares of eBay jumped sharply in midday trading as stakes from activist investors were revealed.

Elliott Management announced a stake of more than 4% in the online retail and auction company, while Starboard Value also has a stake of less than 4%, according to The Wall Street Journal.

EBay (NASDAQ:EBAY) stock gained about 8%.

Among the corporate moves recommended by Elliott are the sales of ticket broker StubHub and eBay’s classified’s business.

“(W)e appreciate Elliott's recognition of the strength and power of eBay's business and will carefully review and evaluate Elliott's proposals,” the company said in a statement. “We look forward to the opportunity to engage with Elliott, as we do with all shareholders."

The company is set to report earnings on Jan. 29 after the bell.