eBay: Merrill Says Trends "Remain Troubling"

There’s troubling brewing at eBay (EBAY).
In a research note late yesterday, Merrill Lynch Internet analyst Justin Post said checks with the Professional eBay Sellers Association indicate that eBay’s gross merchandise value growth in the U.S. “turned negative” in September. Post says “channel checks remain troubling,” and that the slowdown reflects a demotion of eBay listings in Google (GOOG) search results as well as an influx of listings that are less attractive to buyers.

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