PayPal Boosts eBay Earnings; Stocks Dropped – July 22, 2010

The online auction giant eBay Inc., ebay as its ticker symbol in the New York Stock Exchange or eBay.com as known to many posted a stunning 2nd quarter net income of $412 million. These gains were driven by its subsidiary PayPal (paypal.com) which provides online money transfer and payment processing for online vendors through credit cards. Ebay’s $2.2 billion dollar revenue, a 6-percent rise from the same quarter a year ago, was propelled by PayPal’s 3-million new users.

Ebay Inc. stock price, however, fell 3% to $20.17 during yesterday’s trading session as the 1.58% slide in the Nasdaq index pulled down all of its components. In any case, if eBay continues to fall, the $20.00 psychological level could be the support. If that marker gets cleared out, the next support would be $19.00. A move upwards, on the other hand, could send it towards the $21.46 resistance. Once the stock value passes above that level, the next resistance could be the $22.90-23.00 area. Nonetheless, given the stocks present downtrend, I’d say that it has a higher chance of moving down in the days to come despite its rosy income.

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By: Al on July 22, 2010 at 12:36 pm