EBay Slides on Q3 Revenue Forecast and 2 Other Hot Stocks to Watch
eBay Inc. (NASDAQ:EBAY): Current price $53.66
Shares of eBay are down by about 7 percent in morning trade on Thursday, following a disappointing third quarter forecast. On Wednesday, eBay said it should earn between 61 cents and 63 cents per share, on sales in a range between $3.85 billion and $3.95 billion, slightly under the consensus of Wall Street analysts, who had earlier projected a figure of 65 cents a share on $3.97 billion in revenue for the quarter. Analyst Kerry Rice at Needham & Co. lowered his rating on eBay to Hold from Buy, writing in a research note, “Expectations for domestic demand are not strong enough to offset the international slowdown” in eBay’s sales.
Dell (NASDAQ:DELL): Current price $13.17
As some might have expected, Dell has postponed Thursday’s vote on founder Michael Dell’s plan to take the computer maker private, likely because its board needs more time to raise support. The special shareholders meeting was called to order, then quickly adjourned without a formal vote regarding the $24.4-billion buyout offer from Michael Dell and a group led by the investment firm Silver Lake. The vote now is set to take place on July 24 at Dell’s headquarters in Round Rock, Texas. It is not clear whether Silver Lake and other lenders financing the offer will be willing to increase the stakes, because of a worsening slump in the PC market that has been causing Dell’s earnings to slide.
Bank of America Corp. (NYSE:BAC): Current price $14.78
Bank of America Merrill Lynch has set up an equity interest in REDI Holdings LLC, which is the tech provider of REDIPlus Execution Management System. As part of the accord, InstaQuote, BofA Merrill’s own multi-asset class EMS, will be transferred over to REDI. During the transition, current InstaQuote clients will be migrated in an orderly fashion, and all of BofA Merrill algorithms and routes will be immediately available, and can be employed by all REDIPlus users.
Don’t Miss: Dell: Future-Determining Vote Delayed for Now.