EBay Inc. (EBAY)

eBay Inc. Stock (EBAY) dropped by 2.01% from $40.77 to $39.95 in the trading on Wednesday November 8, 2023. The reason why EBAY stock down today include

• Weak outlook: eBay posted upbeat earnings for its third quarter. However, the company said it sees fourth-quarter earnings of $1.00 to $1.05 per share on revenue of $2.47 billion to $2.53 billion. Analysts expected $2.6 billion.
• Low customer spending: EBay is under pressure from major retailers such as Amazon and Walmart as consumers cut back on spending. Inflationary pressures and rising interest rates continue to weigh on consumer confidence and pressure demand for discretionary goods.
• Target price cut: Benchmark analyst Daniel L. Kurnos reiterated a Buy rating on eBay Inc, lowering the price target to $56 from $60 as FX headwinds and a more sluggish q/q improvement in advertising more than offset improving scale benefits from eBay international shipping (eIS), resulting in a slight sequential decline in the take rate.