eBay Shares Extend Slide on Morgan Stanley Downgrade

October 2, 2008 at 6:54 am PT

There’s new selling pressure on eBay (EBAY) this morning, after Morgan Stanley’s David Joseph cut his rating on the stock to Equal Weight from Overweight.

“Seller checks and proprietary data indicate that trends deteriorated more than expected in Q3 amid eBay’s ongoing transition in its core marketplace, greater economic sensitivity and poor demand,” he writes in a research note today. Joseph writes that he now expects greater deceleration in global gross merchandise volume in Q3 than previously expected, with a possible year-over-year decline in the U.S. And he also cautions that eBay faces a “challenging holiday season.”

Read the rest of this post

Tagged with: Barrons, core marketplace, David Joseph, eBay, economic sensitivity, Eric Savitz, frontpage, Morgan Stanley, poor demand, Tech Trader Daily

comments so far. Add yours.

About Voices

Along with original content and posts from across the Dow Jones network, this section of AllThingsD includes Must-Reads From Other Web Sites — pieces we’ve read, discussions we’ve followed, stuff we like. Six posts from external sites are included here each weekday, but we only run the headlines. We link to the original sites for the rest. These posts are explicitly labeled, so it’s clear that the content comes from other Web sites, and for clarity’s sake, all outside posts run against a pink background.

We also solicit original full-length posts and accept some unsolicited submissions.

Voices is edited by Beth Callaghan.