eBay Shares Extend Slide on Morgan Stanley Downgrade

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.”

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