Bidding for EBay Turns Hot Again
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Shares of online auctioneer EBay Inc., after struggling for most of the last six months, are suddenly in hot demand.
The stock jumped $16.50 to $209.75 on Nasdaq on Monday, in an otherwise weak market for tech issues.
EBay has run up 45% over the last two weeks, and is nearing the record high of $234 reached last spring--before Internet shares in general took a steep tumble.
Analysts say EBay’s latest upswing has been fueled by optimism about the growth prospects of some of its new trading sites. The firm last week bought a stake in AutoTrader.com and said it will launch a site devoted specifically to car auctions.
Brokerage Goldman Sachs last week reiterated that EBay is on the firm’s recommended list, and PaineWebber also reiterated a “buy” rating.
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